Recherche
S'abonner
Connexion
Asset Management
Accueil Asset Management Actualités
03/02/2012

ESMA creates a central ratings database

The European Securities Markets Authority (ESMA) on 2 February announced the creation of a central ratings database (Cerep), which will provide information on credit ratings issued by 15 ratings agencies registered or certified in the European Union.The database for the first time gives investors a way to evaluate the performance and reliability of credit ratings over different types of ratings, asset classes and regions in a selected period for the first time.“With the release of this central registry, ESMA is making it possible to increase the transparency of ratings issued and consequently to improve investor protection,” ESMA’s president, Steven Maijoor, says.Statistics from Cerep are based on quarterly ratings track records provided by the ratings agencies, which will be subject to standardisation.The registry may be accessed directly at the following address: http://cerep.esma.europa.eu/cerep-web
03/02/2012

Swan Capital launches a multi-managed absolute return fund of funds

The multi-management specialist Swan Capital Management on 2 February announced the launch of an absolute return fund of funds entitled Alpha Multistratégies. The French-registered FCP fund, under the regulatory authority of the French financial market regulator, the Autorité des Marchés Financiers (AMF), will aim to earn returns higher than those of the capitalised Eonia, over a recommended investment duration of over 3 years, with volatility near that of the bond market, and certainly lower than 6%. Alpha Multistratégies aims to meet increasingly strong demand from clients, institutional investors, businesses and retail investors to earn positive returns higher than those of money market instruments and euro-denominated insurance policies, with the lowest possible correlation to the movements of the financial markets. In order to satisfy the objectives it has set itself, namely to provide decorrelated investments that deliver regular returns with a relatively low level fo risk, excellent liquidity and total transparency, Alpha Multistratégies will rely on diversification of asset classes, managers and strategies. Depending on the expected direction of the markets, the absolute return construction of the Alpha Multistratégies fund will be the result of several absolute return or directional funds. More precisely, 75% to 100% of the portfolio will be invested in absolute return strategies, while the remaining 1% to 25% will be invested in convex directional strategies via equity, bond, convertible, currency and commodity funds. Major characteristics of the fund ISIN code: FR0011163732 Front-end fee: maximum 1% Management fee: maximum 1.5% Performance commission: 10% of net performance exceeding the Eonia Size of fund at launch on 23 January 2012: EUR9m
03/02/2012

Axa IM offers new share classes in Axa World Funds range

Axa Investment Managers (AXA IM) has launched new share classes which will aim to weather the current shocks that equity investors are confronting on the markets, through the use of an overlay strategy (hedgeing for various asset classes). The share classes, entitled SolEx, are aimed at institutional investors, and overlay equity management with a systematic hedging strategy through the use of liquid derivative instruments, a statement says. SolEx shares are currently available for the Axa WF Framlington Eurozone fund, and will soon be available for other funds of the Axa World Funds range.
03/02/2012

ABP cuts back pension benefits

In 2011, the coverage rate for the Dutch pension fund ABP deteriorated by 10 percentage points to 94%, while the volume of liabilities increased by EUR36bn, to EUR261bn. ABP has provisionally decided to lower its benefits by 0.5% from 1 April 2013, if the financial situation does not improve.In addition, a temporary supplementary contribution of 1 percentage point (tijdelijke herstelopslag) to balance the books has been tripled from 1 January 2012, up to the end of 2013, a statement released on 1 February has announced.Last year, ABP had cancelled plans to index its benefits (see Newsmanagers of 5 December). It has now announced that the planned changes may now go ahead.The objective set by the regulator, the Bank of the Netherlands (DNB), is to reach a coverage rate of 105% by the end of 2013. Henk Brouwer, chairman of ABP, admits that “alas, this is not good news, but this reduction of 0.5% ultimately represents an average reduction of only EUR3.50 in benefits to members.”
03/02/2012

Amundi releases two funds powered by TCW in Spain

Heinrich Riehl, director of sales in Europe for the US firm TCW (Société Générale group) has announced that Amundi (Crédit Agricole et Société Générale) will be releasing an absolute return bond fund in Spain, entitled Amundi Funds Bond US Opportunistic Core Plus, and a growth equity fund, the Amundi Funds Equity US Concentrated Core. The two funds will be based on products from TCW (USD118bn in assets), Funds People reports.
03/02/2012

Pension funds have unprecedented firepower

2011 has been a record year for pension funds. According to a study of assets in pension funds worldwide published by Towers Watson, institutional pension funds in 13 major markets have seen growth of 4% in their assets in 2011. As of the end of 2011, these funds set a new record, with USD28trn in assets, up from USD26trn in 2010. The United States, Japan and the UK remain the largest pension fund markets, representing 59%, 12% and 19%, respectively, of total assets in pension funds worldwide. Assets in pension funds worldwide have increased by an average of more than 6% per year (in US dollars) since 2001. For allocation of assets in “P7” funds, which include the seven largest pension fund markets, excluding Brazil, Germany, France, Ireland, Hong Kong and South Africa, the proportion of assets invested in bonds fell by 3% of total assets in the past 16 years, from 40% to 37%. The proprtion of equities has fallen by 8% in the same period, to 41%. the majority of this decline took place in 2011 (7%). Allocation to alternative assets, particularly real estate, and to a lesser extent hedge funds, venture capital and commodities, have gained ground. P7 funds have dedicated 5% to 20% to these assets since 1995.
03/02/2012

Sovereign fund assets up 9% in 2011

As of the end of 2011, assets in sovereign wealth funds had increased 8% over twelve months, to a record USD4.8trn. In addition to that, USD7.2trn are held in other sovereign investment vehicles, such as pension reserve funds, development funds, or funds depending on government-owned businesses, while USD8.1trn were held in official currency reserves, the Sovereign Wealth Funds 2012 report from TheCityUK, sponsored by Invesco, reports. The study finds that there are two types of sovereign funds: on the one hand, funds which are supplied from exports of commodities, which represent USD2.7trn, and on the other hand, funds whose capital comes primarily from currency reserves, with USD2.1trn. Direct investments by sovereign funds in 2011 totalled USD60bn, one quarter less than in 2010, and 40% less than their record 2009 level.The document also finds that the United States and the United Kingdomn are the largest destination countries for sovereign fund investments, with 19% and 17% of total investments, respectively, over the past six years. London is also the largest centre for management of these funds, and the place where transactions are cleared.
03/02/2012

Assya acquires Stelphia AM

At its general shareholders’ meeting held on 26 January 2012, Assya, compagnie financière announced that it has initiated the merger of Assya and Stelphia Asset Management. The acquisition allows Assya to confirm its engagement to the development of its activity unit dedicated to asset management, and additionally to deploy a product range in institutional management.Stelphia Asset Management currently manages assets of EUR150m in six FCP funds, with recognised expertise in the markets of emerging Europe (4 thematic funds and 6 funds managed overall). The asset management firm is composed of five employees, four of whom are decicated to management.As a part of the transaction, La Banque Postale AM and OFI AM (historic shareholders in the asset management firm) will sell their complete respective stakes to Assya. Due to the brand image developed over the past 10 years, Stelphia AM will retain its name within the Assya group.
03/02/2012

Year starts well for East Capital

The Scandinavian asset management firm East Capital has had a good start to the year in 2012. “We have seen a significant regain in demand in the first weeks of the year,” Marcus Svedberg, economist in chief at the Eastern Europe specialist firm, has told Newsmanagers during a visit to Paris. However, the past year has been difficult, with a very good first half, offset by a wave of redemptions in the subsequent months. The result was that assets finished the year at about EUR3.4bn, down from about EUR5bn as of the end of December 2010, largely due to negative market effects. This has not stopped the firm from pursuing its development projects. In Europe, East Capital will continue its expansion efforts, begun a few months ago, in Germany and Spain. The firm is also hoping to offer two Asian strategies on the French market in the next few months, acquired in 2010 along with an asset management firm in China, where the firm has its new locus of development.
03/02/2012

Quilvest to rival major funds

Quilvest, created to manage the wealth of the Bemberg family, is planning to double its size in the next five years to EUR8bn, Les Echos reports. The CEO of Quilvest, Michel Abouchalache, says that “a major rationalisation of the French market is to be expected, as after the years of crisis, the market is still overpopulated. At least 50% of investors in funds will disappear in the next few years.”
03/02/2012

Robeco recruits a CEO for Middle East

Graham Elliot, CEO at BNP Paribas Investment Partners for the Middle East, on 1 January joined Robeco as CEO for the Middle East, the Netherlands-based asset management firm announced on 2 February. Elliot replaces Douglas Hansen-Luke, and will be responsible for distribution to institutional investors and key clients (including sovereign funds) in the Gulf region. Elliot will be based at the Dubai International Financial centre, and will aim to develop Robeco’s expertise in the area of frontier markets.
03/02/2012

Swedish financial management association broadens its membership rules

The Swedish investment fund association has for the first time since its inception in 1979 modified its membership rules, in order to widen its member base. Managers with asset management activities not previously defined as such may now join the association, which has also created a membership status for associate members, to apply to all firms with ties to the accounting and legal providers, system providers, and fund administrators. The association currently has 38 members.
03/02/2012
Gestion d'actifs

Agrica Epargne ne regarde pas trop la volatilité des fonds mais plutôt les ratios d'information

Sylvie Terris, Directeur Financier Délégué d’Agrica Epargne dans une table ronde organisée par amLeague et Newsmanagers, le 18 janvier 2012: J’ajoute que nous ne sommes pas trackers pour l’instant, mais on peut se poser la question et essayer de comprendre et bien connaître les spécificités de gestion, les mouvements dans la vie des sociétés de gestion, car les process, les équipes changent. Rien n’est stable. Je viens de rentrer dans cette société de gestion depuis un mois. Il y a tout un passé. C’est une société de gestion qui travaille avec une bonne partie des sociétés de gestion de la place, et affiche de nombreuses spécificités. En étant Agrica Epargne, nous avons pas mal de liens avec Amundi et Groupama. On ne regarde pas trop la volatilité, mais plutôt les ratios d’information. Mais, là aussi, cela bouge beaucoup. Reste que la donnée fondamentale, c’est la performance sur le long terme. La volatilité reste un peu fonction du marché. À partir du moment où on a une allocation stratégique qui est définie, nous acceptons la volatilité.
Gestion d'actifs
03/02/2012

Assya se rapproche de Stelphia AM

Avec le feu vert des actionnaires, le groupe de services financiers a conclu le rachat de Stelphia AM auprès de la Banque Postale AM et OFI AM, actionnaires historiques de la société de gestion. «Compte-tenu de l’image de marque développée ces dix dernières années, Stelphia AM conservera son nom au sein du groupe Assya, compagnie financière», précise le communiqué.
03/02/2012

La Fed se pose en rempart des Etats-Unis

Ben Bernanke s’est livré à un exercice de funambule lors de son intervention hier soir devant le Congrès américain. Malgré des signes d’une amélioration de l’investissement des entreprises américaines, le président de le Réserve fédérale a indiqué que la crise européenne continue de menacer la reprise du pays et que la Fed fera tout pour éviter un effet de contagion. Une porte ouverte vers un QE3. Alors qu’il s’est engagé à maintenir des taux exceptionnellement bas au moins jusqu'à la fin 2014, Ben Bernanke a néanmoins précisé qu’il ne comptait pas sacrifier l’objectif d’une inflation stable à 2% pour relancer l’emploi. Un bras tendu au faucon de la Fed de Dallas, Richard Fisher, qui a réitéré hier concernant un éventuel troisième volet d’assouplissement quantitatif que «personnellement je ne vois pas comment cela pourrait se justifier compte tenu de l’état actuel de l’économie».
03/02/2012

L’Esma lance un service de données de crédit

L’Autorité européenne des marchés a lancé hier le Central Rating Repository (CEREP) qui fournit des informations sur les notations de crédit émises par les quinze agences enregistrées ou certifiées dans l’Union européenne. Cette base de données va permettre aux investisseurs d’évaluer selon divers critères la performance et la fiabilité des notations de crédit à partir d’une plate-forme unique.
03/02/2012

Les actifs des fonds de pension à un niveau record

Selon l’étude publiée par Towers Watson, les actifs des fonds de pension institutionnels des treize marchés principaux ont affiché une croissance de 4 % en 2011, pour atteindre un record de 28 000 milliards de dollars, contre 26 000 milliards en 2010. Les actifs des fonds de pension globaux affichent une croissance moyenne de plus de 6 % par an depuis 2001.
03/02/2012

La réforme de la fiscalité de l’immobilier sur la table

En déplacement dans l’Essonne, Nicolas Sarkozy a estimé que le niveau actuel des droits de mutation était un frein à la mobilité des ménages et indiqué qu’il allait ouvrir en conséquence «le grand chantier de la réforme de la fiscalité sur l’immobilier». Une annonce de nature à tendre un peu plus les relations avec les collectivités locales qui perçoivent ces recettes.
03/02/2012

La finance craint la hausse de la TVA

Le secteur financier nie bénéficier d’un cadeau fiscal avec l’allègement des cotisations patronales. Même si les banques sont exemptées de la TVA, leurs fournisseurs pourraient répercuter la hausse. La réforme coûterait 300 millions d’euros aux assurances, selon une estimation du secteur.
03/02/2012

L’indépendance de la BNS remise en cause

Après le départ de son ancien président, Philipp Hildebrand, la banque nationale suisse (BNS) pourrait voir son indépendance menacée par le pouvoir politique du fait de la polémique sur le coût potentiel que pourrait induire la politique de change de la banque centrale, s’est inquiété l’actuel président dans un entretien accordé au quotidien. Thomas Jordan remet ainsi les pendules à l’heure en indiquant que «il ne peut y avoir absolument aucun doute sur la capacité de la BNS de maintenir son taux de change plancher». Et d’ajouter que «nous sommes préparés à acheter des devises étrangères en quantité illimitée si nécessaire».
03/02/2012

Pékin sévit dans la gestion de fortune

Les autorités chinoises pourraient selon le quotidien réclamer une période de détention d’au moins trois mois pour les produits de gestion de fortune dédiés au marché des changes, selon une source proche du sujet. La détention pourrait être d’au moins six mois pour les investissements en produits de taux et de deux ans pour les achats directs d’actions.
Markit 1
03/02/2012

Le subprime fait son retour sur le marché monétaire américain

La proportion de dette utilisée comme titre dans les transactions sur le marché monétaire américain, qui s’était réduit durant la crise financière en 2008, est revenu à ses niveaux d’avant crise, selon le quotidien qui cite une étude réalisée par Fitch. Au moins la moitié de ces paquets de dette serait composé de créances hypothécaires résidentielles, dont du «subprime».
03/02/2012

Accalmie sur le marché des ETF

Citant BlackRock, le quotidien souligne que le volume de transactions sur le marché des fonds indiciels cotés a atteint en janvier des niveaux historiquement bas. De quoi faire peser une menace sur les coûts de transaction pour les investisseurs. L’actif de ces ETF n’a cessé de progresser au cours des dernières années pour atteindre 1.000 milliards de dollars à fin 2011.

Sujets d'actualité

Tous les sujets