La banque espagnole négocie avec Bruxelles une solution pour ses 92.000 clients qui ont acheté ce produit financier commercialisé en 2009

Les deux pays ont annoncé cette nuit le lancement d'opérations de swap de change bilatérales d’un montant maximum de 23,2 milliards d’euros

Le nouveau pôle, baptisé Asset Management Solutions, coiffera plus de 100 milliards de dollars d’actifs sous gestion et intégrera des collaborateurs provenant des divisions d’investissement et de gestion de fortune. Il sera dirigé par Seth Bernstein, l’ancien responsable des activités taux et devises.

La banque d’affaires est intervenue auprès du management et des fonds d’investissement Xange PE, Nextstage et OTC AM dans la cession de la société Elbee qui exploite les sites internet Delamaison.fr et Decoclico.fr. L’acquéreur est le groupe Adeo (Leroy Merlin, Weldom).

La collecte du Livret A et du Livret de Développement Durable (LDD) est positive en mai, à hauteur de 540 millions d’euros pour l’ensemble des réseaux. Depuis janvier, elle s’élève en cumulé à 12 milliards d’euros. L’encours total sur les deux produits atteint 298,8 milliards d’euros à fin mai.

Paul-Henri de La Porte du Theil, réélu hier pour un deuxième mandat de trois ans à la présidence de l’Association française de la gestion financière (AFG), se veut très attentif aux projets fiscaux du nouveau gouvernement, appelant les autorités à la prudence. «L’idée de traiter l'épargne de la même façon que le travail peut conduire en réalité à une taxation de l'épargne qui peut être bien plus dure que la taxation du travail», a déclaré Paul-Henri de La Porte du Theil à Reuters. Si la contribution sociale généralisée (CSG) est maintenue à 15,5%, explique-t-il, les taux de fiscalité sur l'épargne peuvent devenir très élevés et la différence par rapport aux autres pays européens, qui se situent entre 20 et 30% de taux de prélèvement, risque de devenir «dangereuse». L’ancien directeur général délégué de Crédit Agricole Asset Management (CAAM) milite ainsi en faveur d’un système fiscal incitatif à l'égard de l'épargne longue afin de favoriser le financement de l'économie.

La Commission européenne a activé le 20 juin le registre unique qui conservera à présent les permis d'émission de CO2. Cette initiative fait suite aux vols de plusieurs registres nationaux fin 2010.Après la mise en place de ce nouveau registre mieux sécurisé, l’opérateur boursier BlueNext a rouvert son marché spot. 298000 tonnes de CO2avaient déjà été traitées le 21 juin à midi, précise l’entreprise qui a dans la foulée levé son dispositif interne de sécurisation des transactions.

Le portefeuille de 1,2 milliards d’euros de prêts immobiliers en France et en Allemagne de la Société Générale pourrait bien revenir à Axa Real Estate, d’après la lettre spécialisée CoStar. La filiale de l’assureur serait proche d’un accord pour l’acquisition de ces prêts avec une décote inférieure à 15 % car le portefeuille de prêts est performant.

Le courtier conjoint à Crédit Agricole et à la Société Générale a nommé Antoine Babule au poste de directeur général de Newedge USA, en remplacement de Bill Sexton qui a récemment quitté la société. Il était dernièrement directeur administratif de l’entité américaine.

The German asset management firm Union Investment (co-operative banks) claims that the proposed financial transaction tax could be in violation of the principle of equal treatment for small savings investors. If the law were to be passed, Union would cease to launch new open-ended funds in Germany. “If the financial centres of London, Luxembourg and Ireland backed out and did not apply the tax, that would mean that the ones who caused the crisis were not participating in financing the cost of the crisis,” says Hans Joachim Reinke, chairman of the board at Union Investment, referring to a proposal by the German government to introduce the tax in only nine EU countries. Although asset management firms are able to move, small German savings investors would be trapped into paying the tax. Union, which has EUR37bn in assets under management in open-ended funds, has calculated that the transaction tax would cut about 0.4% per year off the returns on its products, which would mean for subscribers, German savings investors, a cost of about EUR1.5bn over ten years, without taking into account the actual performance of the funds. The asset management firm claims that in these conditions, under its fiduciary obligation, it is required to protect its clients as well as possible against the unfair implications of the transaction tax. One solution would be not to launch open-ended funds in Germany.

Selon nos informations, dans le cadre de la mise en concurrence annuelle de sa délégation de gestion financière, la Sacra a lancé un appel d’offres restreint sur les actions euro (85% grandes capitalisations, 15% petites capitalisations), pour un lot de 50 millions d’euros. Les candidats avaient jusqu’au 13 juin pour déposer leur dossier. Les oraux auront ensuite lieu les 28 et 29 juin.

BaFin has issued a sales license for Germany to the Oddo Haut Rendement 2017 fund, for which subscriptions will remain open until 30 November (see Newsmanagers of 10 May and 6 June). Oddo states that the Oddo Rendement 2017 fund, launched in September, as of 15 June posted returns of 8%, and assets of EUR548m, accumulated during the subscription period.

The new fashion accessory for hedge fund managers: funds with coded names. Bridgewater Associates has chosen “ZQPGGAV00000,” John Paulson, “Paulson Fund 1,” while Cliff Asness (AQR Capital Management) prefers «805-1355888867.» These mysterious names help hedge fund managers to conceal the identities of their funds from regulators and other third parties in documents submitted to the Securities and Exchange Commission, the Wall Street Journal writes. About 150 asset management firms have chosen to conceal the names of their funds. This legal practice has drawn the anger of some investors and advisers. Managers explain that the tactic allows managers to keep the names of clients secret, if they are investing for individuals. It also allows them to protect information about their investment strategy.

Carmignac Gestion is enlarging the number of share classes it offers its clients. In addition to existing shares, clients will now have access to capitalisation shares denominated in Swiss francs (CHF), US dollars (USD), and distribution shares in EUR. Carmignac states that shares denominated other than the euro will be systematically hedged against forex risks. The new capitalisation shares denominated in CHF and USD are as follows:Carmignac PatrimoineCarmignac Patrimoine A CHF acc FR0011269596Carmignac Patrimoine A USD acc FR0011269067Carmignac Euro PatrimoineCarmignac Euro Patrimoine A CHF acc FR0011269547Carmignac Euro Patrimoine A USD acc FR0011269158Carmignac InvestissementCarmignac Investissement A CHF acc FR0011269190Carmignac Investissement A USD acc FR0011269554Carmignac EmergentsCarmignac Emergents A CHF acc FR0011269380Carmignac Emergents A USD acc FR0011269364Carmignac Court TermeCarmignac Court Terme A CHF acc FR0011269323Carmignac Court Terme A USD acc FR0011269331Carmignac SécuritéCarmignac Sécurité A CHF acc FR0011269091Carmignac Sécurité A USD acc FR0011269109 The new distribution shares denominated in EUR are as follows:Carmignac Patrimoine D EUR inc FR0011269588Carmignac Euro Patrimoine D EUR inc FR0011269406Carmignac Investissement D EUR inc FR0011269182Carmignac Emergents D EUR inc FR0011269349Carmignac Sécurité D EUR inc FR0011269083Existing A EUR shares in the following funds are renamed as A EUR acc:Carmignac Euro Patrimoine A EUR acc FR0010149179Carmignac Euro-Entrepreneurs A EUR acc FR0010149112Carmignac Investissement Latitude A EUR acc FR0010147603Carmignac Profil Réactif 50 A EUR acc FR0010149203Carmignac Profil Réactif 75 A EUR acc FR0010148999Carmignac Profil Réactif 100 A EUR acc FR0010149211Carmignac Court Terme A EUR acc FR0010149161Carmignac Sécurité A EUR acc FR0010149120Existing A EUR / E EUR shares in the following funds are renamed as A EUR acc / E EUR acc: Carmignac PatrimoineCarmignac Patrimoine A EUR acc FR0010135103Carmignac Patrimoine E EUR acc FR0010306142Carmignac Investissement Carmignac Investissement A EUR acc FR0010148981 Carmignac Investissement E EUR acc FR0010312660Carmignac EmergentsCarmignac Emergents A EUR acc FR0010149302Carmignac Emergents E EUR acc FR0011147446

The research and data provider Morningstar on 21 June announced the publication of the Morningstar Analyst Rating and Global Fund reports, covering about 40 US hedge funds, representing about 75% of the hedge fund universe in terms of assets under management. In the next 12 months, Morningstar is planning to increase its coverage of the alternative universe to include about 100 funds. Morningstar intends the new range primarily as a comparison tool for alternative strategies which are often new and sometimes highly complex.

Emerging market debt is becoming an increasingly popular asset class with institutional investors. “Emerging market debt is a less and less exotic asset class, which currently offers premiums over corporate debt in US dollars,” says Erick Muller, senior product specialist for bond products at JP Morgan Asset Management. In the bond product range from JP Morgan, emerging market debt now accounts for a growing proportion. Assets as of the end of April totalled about USD21bn, with a marked rising trend, Muller says, due to strong demand from institutional investors. The process is at its very beginnings, but from his point of view, it is a structural trend, which will drive institutionals to increasingly opt for strategic allocation to emerging markets, where they had previously been inclined to limit themselves to tactical allocations to these markets. The cause of this development is a need for diversification in an environment in which the quest for returns is becoming increasingly difficult in the sphere of sovereign debt. The fundamentals of emerging markets, however, are highly attractive: stronger growth than in developed countries, budgetary control, money market policies which still offer room to manoeuvre, relatively low default rates, growth and recovery rates largely similar to those observed in the developed world, and lower volatility. The emerging market debt market is increasingly consistent, with a volume of issues of about USD200bn per year, and assets of about USD800bn, which is not at all ridiculous, given that US high yield assets weigh in at about USD1.2trn. However, the universe of companies is still limited by problems with transparency, which are becoming less severe as international growth inevitably implies an approach to international standards and practices. The rise of emerging market corporate debt as a part of institutional portfolios nonetheless looks set to continue. In this environment, could passive management be considered, as some are already doing? Muller says the answer is unambiguous: passive management involves too much dispersion; it magnifies the faults of issues, while active management can reduce them. The emerging market debt market is growing fast, but it is still young.

Daniel J. Rice, co-manager of USD4.4bn in assets invested in the energy sector at BlackRock, will be leaving the firm at the end of this year, the Wall Street Journal reports. The departure comes at a time when the newspaper had recently reported on potential conflicts of interest between private investments in the energy sector by Rice’s family and the natural resources portfolios which he managed for clients of the asset management firm. Rice Drilling, an affiliate of the Rice family company, founded a joint venture in 2010 with Alpha Natural Resources, a coal and natural gas company which later became one of the largest positions in the main fund by the manager. The fund’s losses on Alpha Natural Resources recently exceeded USD100m, or more than 20% of its decline in performance over the past year.

The US asset management firm Muzinich has been selected by the UK Coal Staff Superannuation Scheme and the Mineworkers’ Pension Scheme to manage a joint mandate of GBP31m, in the area of global high yield, Investment Europe reports. The capital had previously been invested in British inflation-linked bonds.

Martin Gilbert, the CEO of Aberdeen Asset Management, has sold nearly one sixth of his stake in the company, Investment Week reports. He sold shares valued at GBP2.5m, out of GBP17m for his total stake at 248 pence per share. He now controls only 0.5% of the company. Anne Richards, CIO, has also reduced her stake. According to a spokesperson, the share sales are for fiscal reasons and to diversify portfolios.

Insurance, investment and retirement group LV= has appointed Wendy Mayall as chief investment officer.In her new role she will be responsible for all elements of LV='s investment strategy. She will provide advice and support to LV='s different business areas and will oversee the relationship with Threadneedle Investments, who manage the Society’s assets. Wendy Mayall will report into Philip Moore, Group Finance Director.Wendy Mayall spent 17 years at Unilever where she ran the biggest fund and was responsible for setting up the first multinational vehicle to pool funds globally, the hedge fund-of-funds and numerous equity multi-manager vehicles.

The British asset management firm Argonaut Capital Partners has parted ways with Ignis Asset Management, which had previously provided administration for its fund range, Money Marketing reports. IFDS will take over fro mIgnis as administrator. In August 2011, Argonaut became operationally independent from Ignis, as its stake in its joint venture with Ignis was raised to 60% from 50%, while Ignis’ stake was lowered to 40% from 50% previously. IFDS will assume its new role as administrator on 16 July. Several joint funds from Argonaut and Ignis will be changing names, as Ignis Argonaut European alpha fund, whose assets under management total GBP2169m, becomes IM Argonaut European alpha fund, Ignis Argonaut European income fund (GBP292m) becomes IM Argonaut European income fund, Ignais Wargonaut European enhanced income fund (GBP57m) becomes IM Argonaut European absolute return fund (GBP7.5m) becomes IM Argonaut Euoprean absolute return fund. Assets under management at Argonaut total GBP1.1bn.

Stéphane Brunel in May 2012 joined the institutional team at Neuflize OBC Investissements, led by Robert Vela. Brunel previously spent two years at Neuflize Private Assets, a sister company of NOI in the ABN Amro group. His arrival comes not long after that of Olivier Maestracci, and comes at a time when Neuflize OBC Investissements is seeking to strengthen its presence serving institutional clients.

In order to further strengthen its commercial presence across certain key markets and accompany its clients in their growth and development, Societe Generale Securities Services has made several appointmentsMichael Le Garignon joins SGSS as head of sales, head of business development & relationship management – UK, reporting to Mathieu Maurier, global head of sales and relationship management at SGSS. The appointment took effect on 1st May 2012. He joins SGSS from J.P. Morgan Ltd, where he was executive director, business development Asset Managers & Insurance Companies EMEA. Andrew Duffin, who joined SGSS in 2007, is appointed head of sales for emerging markets, also reporting to Mathieu Maurier. The appointment will take effect on 1st July 2012.

La Française AM on 21 June announced that it is teaming up with the Global Markets Intelligence (GMI) team at S&P Capital IQ, one of the major providers of multi-asset class data, research and analysis, to develop an expertise in global credit, to meet the needs of investors. Under the exclusive agreement, with the launch of a forthcoming Luxembourg-registered Global Credit fund, La Française AM will use S&P’s proprietary Risk-to-Price (R2P) methodology to guide its selection of assets and its allocation decisions. The R2P methodology calculates the extent to which returns on corporate bonds bring returns to lenders for their exposure to credit risk and the underlying market. As a part of the partnership, GMI will provide non-discretionary investment consulting services to the bond management team at La Française AM.

Tove Bångstad has joined the Scandinavian arm of Credit Suisse as managing director in charge of asset management, according to the Swedish online journal Realtid. She joins from Aviva Investors, where she worked as managing director in charge of Scandinavian institutional clients. She had previously been at SEB Wealth Investment.

The new unit of JP Morgan known as Asset Management Solutions will have over USD100bn in assets under management, and will include personnel from investment and wealth management divisions, Agefi reports. It will be led by Seth Bernstein, former head of fixed income and forex activities.

Paul-Henri de La Porte du Theil has been re-elected as president of the French asset management association (AFG), at a meeting of the board held on Thursday, 21 June. Muriel Faure, CEO of Fourpoints Investment Managers, and Francis Ailhaud, CEO of Groupama Asset Management, were re-elected as vice presidents of the AFG. At the conclusion of the meeting, De La Porte du Theil pointed out the major role which the French asset management industry plays. “”France,” he said, “needs, and will increasingly need, active, present and effective management, which, by mobilising savings, and particularly long-term savings, help to finance the real economy and place their professionalism at the service of investors. Major challenges remain to be confronted in the next few years, including the introduction of balanced and competitive European regulation”. De La Porte du Theil, who had served as chairman of the board of the asset management affiliate of Crédit Agricole from 1991 to 2009, was elected in May 2009 to his first term as president of the AFG.

MSCI will be adding the MSCI Greece Index to the list of country indices for potential reclassification to Emerging Markets as part of the 2013 Annual Market Classification Review."The MSCI Greece Index is structurally no longer in line with Developed Markets size requirements with only two index constituents. If these two remaining index constituents were to experience further decrease in size, MSCI may be forced to discontinue the calculation of the MSCI Greece Index. The weight of the MSCI Greece Index in the MSCI World Index has decreased from 0.16% in May 2010 to 0.03% in May 2012", explains the index provider.

Mary Shapiro, the chairman of the Securities and Exchange Commission, on Thursday called for reforms to the money market fund sector (USD2.6trn in assets), claiming at a Senate hearing that it continues to represent a risk to the financial system, the Wall Street Journal reports. She thinks the funds need to be behind additional firewalls, as investors can still massively flee them, which would lead to systemic instability.

Natixis Asset Management and State Street Global Advisors will manage a portion of the assets of the pension fund for employees of Rai, the Italian public television channel, for the next three years. The portion of the assets amounts to slightly over EUR110m, the Italian website Advisor Online.it reports. Overall, the fund has EUR219m in assets under management. Natixis will manage EUR57m.