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24/04/2013

La pression monte sur la BCE

Les indices PMI pour avril en zone euro montrent que la crise se propage à l’Allemagne. La perspective d’une baisse du refi le 2 mai s’accroît.
24/04/2013

La Française fait feu de tout bois

Le gérant multiplie les partenariats et a confirmé la création de La Française Global Investment Solution, une filiale spécialisée dans les produits structurés et utilisant des techniques de gestion alternative. Il compte atteindre au total 50 milliards d’euros sous gestion en 2015.
24/04/2013
Gestion d'actifs

La CAVP porte un intérêt pour les actifs de diversification du type Bâle III

En 2013, la CAVP va plutôt chercher à investir dans des actifs de diversification dans lesquels elle n’est pas encore présente. « Nous avons l’intention d’investir dans les actifs favorisés indirectement par Bâle III comme la dette infrastructure, la dette immobilière et, dans une moindre mesure, les loans, explique Alain Pestre, directeur financier. En effet, avec Bâle III, les banques sont amenées à ouvrir ces marchés aux investisseurs institutionnels. Nous cherchons des actifs offrant des rendements intéressants sans pour autant dégrader le niveau de risque de notre portefeuille ». Ces investissements se feront via des fonds ouverts. « Nous souhaitons également investir plus largement sur les FCPR car nous en avons encore peu en portefeuille et les niveaux de valorisation actuels offrent un point d’entrée intéressant dans ce domaine, avec bien sûr un horizon long terme », poursuit Alain Pestre.
Gestion d'actifs
23/04/2013

Lisbonne sous la menace de contrats swaps

Selon la presse portugaise, plusieurs entreprises publiques, notamment dans le secteur des transports, auraient noué des contrats swaps qui pourraient entraîner des pertes de l’ordre de 3 milliards d’euros. Le ministère des Finances a confirmé l’existence de ces contrats et a indiqué avoir engagé des discussions avec les banques impliquées «en vue de compenser les pertes financières subies par l’Etat le plus rapidement possible».
23/04/2013

Les directeurs financiers suisses font confiance à la BNS

Selon un sondage de Deloitte, les directeurs financiers suisses interrogés estiment pour 90% d’entre eux que le franc restera à 1,20 euro, voire plus, au cours des douze prochains mois. Ils n’étaient que 78% à penser la même chose à la fin du quatrième trimestre de 2012. Leurs attentes en matière de croissance des ventes se sont également renforcées pour l’année en cours.
23/04/2013

La reprise de l’immobilier se poursuit aux Etats-Unis

Les ventes de logements neufs ont à nouveau augmenté en mars après avoir diminué le mois précédent, ce qui suggère que la tendance à l’amélioration du marché immobilier reste intacte. Elles ont augmenté de 1,5% en données corrigées des variations saisonnières au taux annuel de 417.000 unités, contre 411.000 en février, correspondant à un recul révisé de 7,6%. Les économistes anticipaient toutefois 420.000. En base annuelle les ventes ont bondi de 18,5%.
23/04/2013

Fort ralentissement de l'activité manufacturière américaine en avril

La croissance de l’activité du secteur manufacturier aux Etats-Unis a inscrit en avril son rythme le moins soutenu depuis six mois, en raison de la baisse de la demande intérieure, laissant penser que l'économie américaine patine au deuxième trimestre, montrent les résultats provisoires de l’enquête mensuelle Markit publiés mardi. L’indice PMI manufacturier est ressorti à 52,0 en avril contre 54,0 attendu par le consensus et 54,6 en mars.
23/04/2013

Le logement a enrayé sa chute au premier trimestre

Le tableau de bord trimestriel de l’Observatoire Crédit logement montre une nette atténuation de la baisse en volume de la production de prêts à l’habitat : -8,7% par rapport au quatrième trimestre 2012 contre une chute de 26,4% sur l’ensemble de 2012. Mais la production s’accompagne d’une hausse sensible (+5,1%) de l’endettement moyen des ménages qui contractent un prêt habitat, ce qui fait que le nombre de crédits accordés connaît une légère hausse par rapport au trimestre précédent.
23/04/2013

Spanish fund selectors prefer Carmignac, JPMAM and Fidelity

P { margin-bottom: 0.08in; } Bestinver, which held fourteenth place in the 2012 Fund Brand report, ranks tenth in the Fund Brand 2013 rankings. It is the only Spanish firm among the top ten preferred firms for Spanish fund pickers, the top three of which have held their positions, in order: Carmignac, JPMorgan Asset Management and Fidelity, Funds People reports.Pimco makes its first appearance in the rankings, in fourth place, replacing Franklin Templeton, which is in fifth place, ahead of BlackRock, which has also lost one place. However, M&G Investments, in seventh place, has gained six places from the 2012 rankings. The British firm finishes ahead fo Amundi and Deutsche AWM.The next ten, after Bestinver, are Swiss & Global AM, Invesco, Schroders, Pictet, BNY Mellon, BNP Paribas IP, Goldman Sachs AM, Robeco, Pioneer and Morgan Stanley.
23/04/2013

AUM at Brooks Macdonald up 7.6% in Q1

P { margin-bottom: 0.08in; } The wealth management firm Brooks Macdonald reported growth in its assets under management of 7.6% n first quarter, to GBP4.97bn, compared with GBP4.62bn as of the end of December 2012, according to an interim report published by the group. Assets advised fell 1.4% to GBP352m.Real estate activities, a part of Braemar Estates, saw an increase in their assets under administration of nearly 12%, and topped GBP1bn, at GBP1.004bn, compared with GBP897m at the end of fourth quarter 2012.
23/04/2013

Assets under management at Brooks Maconald up 7.6% in first quarter

P { margin-bottom: 0.08in; } The wealth management firm Brooks Macdonald reported growth in its assets under management of 7.6% n first quarter, to GBP4.97bn, compared with GBP4.62bn as of the end of December 2012, according to an interim report published by the group. Assets advised fell 1.4% to GBP352m. Real estate activities, a part of Braemar Estates, saw an increase in their assets under administration of nearly 12%, and topped GBP1bn, at GBP1.004bn, compared with GBP897m at the end of fourth quarter 2012.
23/04/2013

RBC Investor & Treasury wins UCITS mandate

P { margin-bottom: 0.08in; } RBC Investor & Treasuries Services, an affiliate of the Royal Bank of Canada, on 22 April announced that it has won a UCITS mandate from Polen Capital Management, primarily to provide fund custody and administration services and services to shareholders. Assets under custody at RBC Investor & Treasury Services total about USD2.9trn.
23/04/2013

Henderson Global Investors recruits for European small cap equity team

P { margin-bottom: 0.08in; } Henderson Global Investors on 22 April announced that it has appointed Rory Stokes, who joined the European Equity team at the end of March 2013. Stokes comes as an addition to the Small & Mid Cap team, as a small cap equity analyst. He will be based in London, and will report to Ollie Beckett, manager of the Henderson Horizon Pan European Smaller Companies and Henderson Gartmore Pan European Smaller Companies funds. Overall, the European small cap equity team led by Beckett has nearly EUR1bn in assets under management as of 30 March 2013. Stokes has more than 12 years of professional experience in investment. He began his career in 2001 as an analyst at Holt and Credit Suisse, and then joined Liberum Capital in 2007 as a vendor of European small and midcaps.
23/04/2013

RWC recruits from Marathon AM

P { margin-bottom: 0.08in; } Louise Keeling, who spent six years at Marathon Asset Management as a global equity manager, has been recruited by RWC Partners to set up a global equity unit, Citywire reports.RWC states that Keeling uses a stock-picking approach (bottom-up), and that a number of recruitments for Keeling’s team will be announced in the near future.
23/04/2013

Ameriprise in the running to acquire SWIP

P { margin-bottom: 0.08in; } The parent company of Threadneedle Investments, Ameriprise, is reportedly in the running to potentially take over Scottish Widows Investment Partenership (SWIP), the asset management unit of Lloyds Banking Group, the Sunday Times reports. Last week, the British group announced that it was studying the possibility of selling its asset management activities (Newsmanagers of 22 April), and that it had asked Deutsche Bank to assist it with that process. Aberdeen Asset Management, perceived as a potential buyer, has claimed, in the person of its CEO Martin Gilbert, that it is not interested in such an operation, whose risks outweigh the advantages, from his point of view. Assets under management at SWIP total about GBP117bn.
23/04/2013

OPCI market up 22% in 2012

P { margin-bottom: 0.08in; } According to the annual Philinx-IETF survey undertaken in first quarter, the OPCI fund market represented EUR28bn in gross assets as of the end of 2012, an increase of 22% compared with 2011, and a new record. The survey finds that the OPCI market continues to be dominated by RFA OPCIs, “either as dedicated funds or club deals, which represent EUR27bn in gross assets.” These figures may be compared with the levels of gross assets held by SIICs as of the end of 2012, totalling about EUR85bn, as both are essentially institutional investment vehicles. In the past five years, RFA OPCIs have accounted for most growth in indirect ownership of real estate by institutional investors. IEIF states that this strong growth is due to the dynamism of the 20 asset management firms that are particularly active in the area of these regulated institutional vehicles, including collective management entities such as Amundi Immobilier and La Française REM, asset management firms related to major insurance companies, such as Groupe Crédit Agricole, Groupe Allianz, and pure players such as Viveris REIM. The survey also finds growth in asset management firms affiliated to publicly-traded realty firms such as Foncières des régions and Icade. The year 2012 saw rapid growth for retail OPCIs, whose capitalisation increased by EUR248m, to EUR854m as of the end of the year, in a trend supported by the launch of the Selectiv’immo fund from Axa REIM and the OPCIMMO from Amundi Immobilier. IEIF states that their size remains modest compared with SCPI vehicles, whose capitalisation totalled EUR27bn as of the end of 2012, and which saw net inflows of EUR2.50bn in 2012.
23/04/2013

New lawsuit against Deutsche Bank

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } On Monday, proceedings will begin in London in a lawsuit filed by Alexander Vik against Deutsche Bank, Handelsblatt reports. Vik is seeking USD2.5bn in damages and interest from the German bank, which he claims liquidated the positions of the Sebastian Holdings fund in 2008, as it was unable to pay USD530m in additional collateral.The bank claims that the lawsuit is baseless, and has filed a countersuit for USD246m in damage claim for abusive rupture of contract.
23/04/2013

British regulator issues license for March Gestión de Fondos

P { margin-bottom: 0.08in; } According to Investment Europe, the British regulator has issued the Spanish firm March Gestión de Fondos (MFG, EUR2.2bn) a license to sell shares denominated in pounds sterling in its flagship funds Vini Catena (EUR100m), Family Business and Torrenova (EUR700m) in the United Kingdom.For the moment, these products will be offered to wealth managers and the major IFA distributors.RDR-compliante shares will be launched subsequently.
23/04/2013

Strong rise in hedge fund assets in Q1

P { margin-bottom: 0.08in; } Assets in hedge funds in first quarter rose by USD122bn, their strongest quarterly gain since fourth quarter 2010, to a total of USD2.375bn, according to the most recent HFR Global Hedge Fund Industry Report.Net inflows totalled USD15.2bn in first quarter, their highest level since first quarter 2012. Most strategies, 14 out of 15, have posted subscriptions.Relative Value Arbitrage (RVA) strategies finished the month with net inflows of USD9.4bn, continuing a trend observed for the past three years, which makes the strategy the largest in terms of assets, with nearly USD640bn. The HFRI Relative Value index gained 3.3% in first quarter, following gains of 10.6% last year.Macro strategies, for their part, gained a net USD3bn in first quarter 2013, of which about USD5bn went to Systematic CTA strategies. The HFRI index gained 1.4% in first quarter, following a loss of 0.3% in 2012.
23/04/2013

FTT may cost US MMFs up to USD35bn

P { margin-bottom: 0.08in; } The financial transaction tax proposed by 11 euro zone countries may cost US money market funds up to USD11bn, according to the first quantitative analysis of the impact of this tax on the US fund sector, undertaken by ICI Global.According to the study, the FFT may lead to the disappearance of transactions completed as part of hedged repurchase agreements between US money market funds and French and German banks. As of the end of 2012, these transactions represented about USD1.39bn.On the basis of a renewal of repurchase agreements every seven years, the cost would be at leat USD7bn on the basis of assets of USD139bn. In the event of one-day maturity, the FFT would represent a cost on the order of USD35bn.In this context, Luxembourg on 22 April announced, through its finance minister, Eric Frieden, that it would be supporting the United Kingdom’s appeal against the financial transaction tax.“We are very understanding of the position of the United Kingdom … We will certainly support the case which has been brought before the European Court of Justice,” Frieden said at a banking conference in the City of London, according to reports by the news agency Reuters.
23/04/2013

Deka resells property in Tokyo

P { margin-bottom: 0.08in; } The mixed office (3,800 square metres), commercial (1,000 square metres) and housing (400 square metres) building TK Shin-bashi in Tokyo, which was purchased in 2004 for the Deka S-Property N°1 fund, has been resold for EUR44m to a Japanese REIT. Deka Immobilien states that it earned a capital gain on the transaction.
23/04/2013

BNY Mellon launches new services for EMEA region

P { margin-bottom: 0.08in; } BNY Mellon on 22 April announced that it has started trading operations at BNY Mellon Capital Markets EMEA, the new London-based structure which offers capital market services on a wide range of bonds and equities to institutional clients in Europe, the Middle East and Africa.

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