Londres rassure sur les risques d'une éventuelle indépendance de l'Ecosse
Le Trésor britannique s'est engagé hier à honorer l'ensemble de la dette émise par le Royaume-Uni dans sa forme actuelle
Le financement alternatif imprime sa marque sur le marché immobilier français
82% des investisseurs interrogés pour le Baromètre EY anticipent un rôle croissant en 2014 des fournisseurs non bancaires de prêts
L'excédent budgétaire américain est au plus haut depuis soixante ans en décembre
La hausse des recettes fiscales et les dividendes versés par Fannie Mae et Freddie Mac ont généré un surplus de 53,2 milliards de dollars
Le marché salue la révision du ratio de levier
Les nouvelles dispositions sur le ratio de liquidité bancaire à court terme sont aussi bien accueillies
Le marché salue la révision du ratio de levier
Les nouvelles dispositions sur le ratio de liquidité bancaire à court terme sont aussi bien accueillies
Surcoûts en vue pour la défense britannique
Le système de recrutement en ligne du personnel des armées au Royaume-Uni, confié à la société privée Capita, ne sera pas opérationnel avant avril 2015, soit avec deux ans de retard sur la date initiale, rapporte le journal qui se fonde sur un document du ministère de la Défense britannique. Plus de 16 millions de livres (19 millions d’euros) ont été dépensés pour ce projet qui souffre de nombreuses défaillances informatiques.
Sabine Lautenschläger défend une politique monétaire orthodoxe
La candidate allemande au remplacement de son compatriote Jörg Asmussen au directoire de la BCE, a vanté hier les mérites d’une politique monétaire orthodoxe, prévenant par exemple que des taux bas n'étaient pas dénués de risques. Ses propos, des réponses écrites aux questions posées par des parlementaires européens en amont de son audition par le Parlement, laissent deviner une proximité plus étroite avec les opinions défendues par la Bundesbank, dont Sabine Lautenschläger est actuellement vice-présidente, qu’avec celles de Jörg Asmussen. Le départ de ce dernier pour le gouvernement de coalition conduit par Angela Merkel prive ainsi Mario Draghi d’un allié précieux au sein d’un directoire chargé de mettre en œuvre la politique monétaire de la banque centrale. Le Parlement européen se prononcera jeudi sur la candidature de Sabine Lautenschläger et la décision définitive sera prise par le Conseil européen.
L’endettement de la France préoccupe Michel Barnier
Dans un entretien accordé au quotidien, le commissaire européen aux Services financiers estime que «la dette excessive» de la France et «une compétitivité qui s’érode» sont les deux principales faiblesses du pays. Il indique que les sujets que devra traiter le prochain président de la Commission européenne porteront notamment sur la stratégie industrielle, les infrastructures, le marché unique, la sécurité et l’immigration.
Londres cherche à calmer le jeu sur le dossier écossais
Londres s’est engagé à honorer l’ensemble de la dette émise par le pays jusqu'à une éventuelle indépendance de l’Ecosse qui résulterait du référendum prévu en septembre. «Dans le cas où l’Ecosse déciderait de devenir indépendante du Royaume-Uni, le gouvernement britannique honorera en toute circonstance les termes contractuels de la dette émise par le gouvernement britannique», a indiqué le Trésor britannique. Des négociations entre les deux Etats devront alors s’entamer pour déterminer précisément la part de dette à assumer par chacun, ainsi que les conditions de remboursement.
Les prêts à l'industrie plongent en France
En novembre 2013, l’encours total de crédits mobilisés aux entreprises s’élevait à 806,9 milliards d’euros, en hausse de 0,2% sur un an, selon les chiffres de la Banque de France. La progression se monte à 1% si l’on tient compte aussi des lignes de crédit mobilisables mais non tirées. En revanche, le détail des encours par secteur fait apparaître de fortes disparités. Les encours de crédits à l’industrie plongent ainsi de 5,6% en un an, alors que ceux aux activités immobilières des entreprises, principal poste, augmentent de 3,1%.
Madrid espère 0,3% de croissance au quatrième trimestre 2013
La croissance de l'économie espagnole devrait avoir atteint 0,3% au dernier trimestre de l’année 2013, a indiqué lundi le ministre de l'économie Luis de Guindos. Celui-ci s’exprimait devant les parlementaires espagnols et a dit s’attendre à une accélération de la croissance en 2014.
13/01/2014
"Nous disposons d’un bon potentiel de croissance en Europe"
Avec 160 milliards de dollars d’encours sous gestion, Nikko Asset Management - qui vient de changer de patron - est l’une des principales sociétés de gestion asiatiques. Depuis plusieurs années, elle tisse sa toile en Europe : elle dispose d’une présence à Londres pour profiter du savoir-faire local, mais aussi pour servir la clientèle européenne. En France, elle négocie actuellement un partenariat avec une société de gestion, confie Charlie Metcalfe, président de Nikko AM Europe, dans un entretien à NewsManagers.
13/01/2014
Apollo closes an eighth private equity fund with USD18.3bn
Apollo Global Management at the end of last week announced real spoils of war: at the end of December, it closed its eighth private equity fund, Apollo Investment Fund VIII, with USD17.5bn in commitments from outside investors. With the addition of engagements from affiliated investors, including employees at the firm led by Leon Black, which total about USD880m, a statement says, the fund has firepower of USD18.4bn. The last private equity fund, Fund VII, raied in 2008, have earned internal annual rates of return of a gross 38% and a net 29% since launch on 30 September 2013, Apollo says. Assets under management by the private equity activity at Apollo total about USD43bn as of the end of September 2013. Total assets under management, which also include credit and real estate funds, total about USD113bn.
13/01/2014
Prudential Investments launches a short-duration bond fund
Prudential Investments has launched the Prudential Short Duration Multi-Selector Bond Fund, a bond strategy likely to earn returns in an environment of rising interest rates. Funds invest in a diversified portfolio of bonds, including asset-backed securities (ABS), bank loans, corporate debt securities, commercial mortgage-backed securities (CMBS) collateralized bonds and US and foreign corporate bonds. The average duration is expected to total between 1 and 3 years. The benchmark index is the Barclays US Covernment/Credit 1-3 Year.
13/01/2014
UBS reportedly nearing a final stage in Madoff case
Two US courts have rejected claims filed by the trustee of the Madoff family empire against UBS, NZZ am Sontag reports. Before the weekend, the highest court in Washington debated whether or not to accept appeals filed by the trustee. If the court reject the appeals, the Madoff trustee will have lost the last chance to get back money from UBS to refund victims of the fraus, according to the Zurich newspaper. The verdict of the high court will be announced on 13 January. According to one observer, the court is expected to reject the trustee’s appeals.
13/01/2014
Fidelity appoints a new manager for real estate funds in Asia
Fidelity has appointed Akihito Murai has manager for its real estate FCP fund in Asia-Pacific, the FF Asia Pacific Property Fund. Murai also takes charge of managing the activity, which represents USD31bn in assets, replacing Polly Kwan, who was promoted last year to the position of director of the Asian Dividend fund division, launched in August 2013.
13/01/2014
Axa RE finalises sale of two industrial real estate portfolios
AXA Real Estate Investment Managers has completed the sale of two industrial portfolios for a combined value of EUR184.1 million on behalf of the European Industrial Partnership (EIP). The transactions mark the successful conclusion of an orderly programme to dispose of all EIP’s property assets, which was commenced in January 2013 ahead of the Fund’s expiry in January 2015. The final two transactions comprised the sale of the Spring portfolio of 10 French assets to Northwood Investors and of the Zander Portfolio of 11 Dutch assets to Rockspring Property Investment Managers.
13/01/2014
Fourth consecutive month of gains for hedge funds in December
The hedge fund industry finished the year 2013 on a good note. The sector posted a fourth consecutive month of gains in December, making 2013 the best year of returns since 2010. In fact, according to data from Hedge Fund Research (HFR), the HFRI Weighted Composite Index gained 1.2% in December 2013, bringing returns for the year as a whole to +9.3%. The HFRI Fund of Hedge Funds Index posted returns of +1.2% in Decembr, and +8.7% for the past year as a whole, the best annual returns since 2009. Returns were especially driven by equity hedge and event-driven strategies. The HFRI Equity Hedge Index earned gains of +1.6% in December, and +14.6% for the 2013 fiscal year overall. The HFRI Event-Driven Index earned 1.2% in December, and 12.5% for the year 2013 as a whole. In both cases, this is the best result since 2009.
13/01/2014
Charles Beazley leaves Nikko AM
Charles Beazley is stepping down as president and chief executive officer of Nikko Asset Management «for family reasons», and will be returning to the U.K, the Tokyo-based asset manager announced on Friday.David Semaya has been appointed as chairman of Nikko AM. He will join the company as non-executive chairman effective April 1st, 2014, and is expected to become executive chairman on September 1st, 2014. Semaya most recently worked at Barclays Plc, where he served in various executive leadership positions since joining the bank in 2004. He was notably CEO of Europe and Asia for Barclays Global Investors (BGI). Before being based in the U.K., he lived and worked in Japan for more than 15 years and is fluent in Japanese.Meanwhile, Takumi Shibata has been named president and chief executive officer of Nikko AM effective January 10th, 2014. In addition to his new roles, he will continue as executive chairman until Semaya joins the company. Shibata joined Nikko AM as executive chairman in July 2013.Beazley joined Nikko Asset Management in London in 2006 as president of Nikko Asset Management Europe, where he ran the firm’s international business. In 2010, he relocated to Tokyo to head the institutional business in addition to his international responsibilities. In 2012, he was named chairman and chief executive officer, and in 2013 he also became president.Nikko Asset Management is one of the biggest companies in the Asian financial services industry, with over USD160 billion in assets under management as of September 30, 2013.
13/01/2014
Appointment at Henderson (Switzerland)
The wealth management firm Henderson (Switzerland) has recruited a new head of sales, in the person of Michael Jöhr, formerly actie at J. Safra Sarasin, Agefi Switzerland reports. Jöhr will oversee advising and acquisitions for private and cantonal banks, family offices and wealth managers in Switzerland, Liechtenstein and Austria. Jöhr will report directly to Ariane Dehn, head of sales for Switzerland, Liechtenstein and Austria.
13/01/2014
Nomura to acquire ING Asset Management business in Taiwan
Nomura Asset Management, a wholly owned subsidiary of Nomura Holdings, on Friday announced that it has agreed to acquire ING Group’s interest in ING Securities Investment and Trust Company Limited, Taiwan, the local asset management unit of ING Group.Nomura Asset Management is partnering with an investment group led by Ashwin Mehta, former chief executive officer of ING Securities Investment and Trust Company Limited, Taiwan. The transaction is subject to regulatory approval.Commenting on the announcement, Toshihiro Iwasaki, CEO of Nomura Asset Management, said: “This acquisition is part of our ongoing expansion in Asia and represents a very important opportunity for us to enter the Taiwanese market, one of the leading mutual fund markets in Asia.
13/01/2014
Laurent Dumontell joins Delubac Asset Management
Delubac Asset Management on 10 January announced the arrival of Laurent Dumontell as director of development. He will aim to strengthen relationships with instituional investors, including mutualist organisations, multi-managers, private banks, insurers and mutual fund distribution network. The arrival of Dumonteil comes as part of the development strategy at the firm, initiated more than a year ago, which follows the revent arrival of Timothée Malphettes as head of equity management. Dumonteil, 39, in 2013 served as head of development and partnerships at Mandarine Gestion. He was previously head of development and external distribution for France and Luxembourg at Lombard Odier, and also served as a salesman in the partnerships unit (France & Benelux) at EdRAM.
13/01/2014
SLI recruits in the Netherlands
Standard Life Investments (SLI) has announced the appointment of Johan Langerak as second chief investmnt officer for the Netherlands. Langerak, who will be based in the Netherlands, will join Woods as head of development for the activity in the country for over a decade, as part of a European team of 16 people. Langerak previously worked at Bank J. Safra Sarasin as head of institutional and wholesale activity in Benelux.
13/01/2014
Tesco pension fund recruits from Barings
The retail giant Tesco has recruited the former head of bonds from Barings, Dagmar Dvorak, as senior manageer in the bond team of the Tesco pension fund, Citywire reports. Dvorak joined Tesco in October last year, but the recruitment was not announced to the public. Assets under management in the British group’s pension programme total about GBP6bn, or more than EUR7bn. Dvorak has been replaced at Barings by Alan Wilde, who was also head of the Baring International Bond fund.
13/01/2014
Mike Sell joins a boutique specialised in emerging markets
The Asian equity specialist Mike Sell has joined the London-based boutique Alquity Investment Management, largely known for its Africa strategies, Citywire reports. Sell, who previously worked at F&C, will be responsible for Asian investments at Alquity, where he will also manage two new strategies. The two funds will cover Asian equities and the Indian subcontinent. Alquity has also recruited the former head of international emerging market equities Roberto Lampl last year, who will handle investment strategies in Latin America.
13/01/2014
Kames Capital adds to its international equity management team
Kames Capital has strengthened its international equities team with the hiring of Carolyn Bell. Carolyn, who has five years’ investment experience, joined on 6 January as an investment manager with responsibility for North American equities, reporting to Marcus Chandler.From 2008 to 2013 Carolyn was an investment analyst with Baillie Gifford, where her most recent role was researching North American companies, with a particular focus on the technology and energy sectors. Before that, she analysed Asian equities for two years and UK equities for one year. Before joining Baillie Gifford Carolyn founded and developed her own education business, before selling it to investors.
13/01/2014
Barclays teams up with Bluebay AM to finance small companies
On Friday, Barclays and BlueBay Asset Management’s Direct Lending Fund announced that they are collaborating to offer joint bespoke lending solutions to medium-sized enterprises in the UK in specific deal situations. They are offering single “unitranche” loans to finance UK financial sponsor-backed mid-market companies. This initiative will provide unitranche loans of up to GBP120m, alongside which Barclays can provide other banking services and will be complementary to Barclays’ and the Fund’s existing lending activities.
13/01/2014
Asset management business at BNP Paribas dragged down by outflows
BNP Paribas could have been the least popular firm in Europe for the second consecutive year in 2013, if Scottish Widows Investment Partnership had not stolen the title from it last year, Financial Times fund management reports. But if the EUR6.8bn in redemptions from SWIP may largely be excused by the uncertainty resulting from putting the firm up for sale in April last year, investor aversion for the French bank is difficult to explain, the newspaper remarks. BNP Paribas suffered redemptions of at least EUR5.9bn in Europe, after EUR4.8bn in 2012. The bank cites transfers from retail clients to cash deposits. But FTfm notes that other European banks have not suffered such a phenomenon. Manuel Arrive, an analyst at Fitch, estimates that BNP Paribas urgently needs to reorganise its product range and improve its relationships with consultants. During this time, BNP Paribas hopes that its reorganisation, initiated in October, will allow it to turn the winds.
13/01/2014
"We have a good potential to grow in Europe"
With USD160bn in assets under management, Nikko Asset Management, which has recently changed heads, is one of the largest Asian asset management firms. For several years, it has been making inroads into Europe: it has a presence in London, to take advantage of local expertise, and to serve European clients. In France, it is currently in talks over a partnership with an asset management firm, says Charlie Metcalfe, chairman of Nikko AM Europe, in an interview with NewsManagers.
13/01/2014
Ampega launches a high yield fund
The German asset management firm Ampega, based in Cologne, is planning to launch a fund dedicated to high yield bonds, Citywire reports. The Ampega CrossoverPlus Rentenfonds will be domiciled in Luxembourg and will officially be launched on Monday, 13 January.The strategy will be managed by Christian Hendker, head of fixed income research, and will start out with EUR5m in assets. Ampega is an affiliate of the Talanx AG group, which manages about EUR96.3bn in assets.