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25/03/2014

La gestion se consolide outre-Manche

La consolidation du secteur de la gestion d’actifs se poursuit au Royaume-Uni. L’assureur Standard Life est en pourparlers avec Phoenix Group en vue du rachat d’Ignis AM, dont le montant des actifs s’élève à 68 milliards de livres. La cible est valorisée autour de 400 millions.
25/03/2014
Gestion d'actifs

La Banque de France va lancer un fonds commun de titrisation de créances de PME

Si les assureurs semblent disposés à investir dans les PME et ETI, la Banque de France s’y intéresse également. En effet, selon l’Argus de l’Assurance, elle va ainsi lancer un fonds commun de titrisation de créances de PME. Pour rappel, certains Institutionnels comme Apicil avaient déjà pris les devants. « Nous avons acheté pour 8 millions d’euros de dettes titrisées ou diversifiées, ce qui nous permet de mutualiser les risques et d’obtenir un rendement de 200 points de base au-dessus d’une obligation comparable », témoigne Renaud Célié, directeur exécutif du pôle finances et performance d’Apicil. Jean-Jacques Duchamp, directeur générale adjoint du Crédit Agricole Assurances soumet néanmoins quelques exigences. « Nous achetons des prêts à des banques à deux conditions : qu’elles détiennent encore 20% de la dette et qu’il n’y ait pas de tranching », explique-t-il.
Gestion d'actifs
24/03/2014

Sberbank s'alarme des sorties de capitaux en Russie

German Gref, le directeur générale de Sberbank, première banque de Russie, a estimé que l'économie du pays tombera en récession si les sorties de capitaux dépassent 100 milliards de dollars. Le banquier a cité des chiffres faisant état de flux sortants de 35 milliards pour les deux premiers mois de 2014. Il a cependant précisé que Sberbank ne revoyait pas à ce stade son plan d’affaires.
24/03/2014

La Banque de France dégage 2,4 milliards d'euros de bénéfices

Avec un résultat ordinaire avant impôt de 6,14 milliards d’euros, et après prise en compte d’une dotation de 1,25 milliard au Fonds pour risques généraux (FRG), le résultat net de l’exercice 2013 s’établit à 2,44 milliards d’euros pour la Banque de France, selon les comptes annuels publiés lundi. L’institution a payé de 2,5 milliards au titre de l’impôt sur les sociétés. Dans un contexte de taux d’intérêt historiquement bas, le produit net des activités est en repli de 20 % sur un an. «Cette diminution s’explique par une forte contraction du bilan, dont le total est passé de 732 milliards d’euros à 550 milliards d’euros de fin 2012 à fin 2013, qui résulte pour l’essentiel de la résorption graduelle des encours au bilan liés aux mesures non conventionnelles de politique monétaire et, dans une moindre mesure, de la baisse du prix de l’or sur les marchés», indique la Banque de France.
Photo : Fotolia
24/03/2014

Pour les marchés, le chapitre ukrainien se clôt

Passé l’effet de surprise, ils se sont convaincus que les dirigeants veulent éviter le pire. Mais le raidissement russe, et les tensions qui ont suivi, ont amplifié leurs doutes sur les stratégies des banques centrales et la reprise.
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24/03/2014

Allianz GI franchit le cap des 2 milliards d'euros de dette d'infrastructures

Allianz Global Investors a annoncé aujourd’hui avoir franchi le cap des 2 milliards d’euros d’investissements en dette d’infrastructure suite au financement de l’autoroute A11 en Belgique. La filiale de gestion de l’assureur a investi, pour le compte de ses clients, 433 millions d’euros dans la dette à long terme émise par ce projet porté par Jan de Nul et DG Infra, qui consiste notamment en la construction de 12 km d’autoroute reliant le Port de Zeebrugge avec les autoroutes E40 et E35 en Flandre occidentale. Le financement est le premier « project bond » émis en phase de construction en Belgique, et bénéficie d’un rehaussement apporté par la Banque européenne d’investissement. Au cours de l’année écoulée, AllianzGI a réalisé huit opérations d’investissement en dette d’infrastructure dans sept pays européens.
24/03/2014

Londres relève la concentration extrême de la gestion alternative

Un sondage de la Financial Conduct Authority (FCA) met en lumière la forte concentration du secteur de la gestion alternative outre-Manche (18% du secteur mondial de 2.630 milliards de dollars). Les 20 principaux fonds y regrouperaient 82% des actifs sous gestion et 94% de l’exposition brute au risque de marché. Le ratio de levier des fonds scrutés par la FCA a bondi de 10 points en six mois à fin septembre dernier pour s’élever à 64.
24/03/2014

Standard Life veut racheter Ignis Asset Management

Le mouvement de consolidation du secteur de la gestion d’actifs se poursuit au Royaume-Uni. L’assureur Standard Life a ainsi confirmé des informations de presse selon lesquelles il négociait avec Phoenix Group le rachat de sa filiale Ignis Asset Management. Cette dernière gère 68 milliards de livres d’actifs et le montant de la transaction pourrait être proche de 400 millions.
24/03/2014

Acofi réalise une émission complémentaire pour son fonds de prêts aux collectivités

Selon nos informations, la société de gestion Acofi a réalisé vendredi 21 mars, une émission complémentaire de parts de son fonds de prêts aux collectivités territoriales Predirec Filo. Le fonds commun de titrisation (FCT) constitué en mai 2013 avec la participation de plusieurs grands investisseurs institutionnels français affichait, après le premier closing, un montant de 120 millions d’euros. L'émission complémentaire de parts conclue la semaine dernière aurait été exclusivement réalisée pour le compte des investisseurs initiaux. Le portefeuille du FCT est composé de prêts d’une durée de 15 ans et amortissables linéairement, à des communes, des communautés urbaines, des communautés d’agglomération et des départements, situés sur tout le territoire métropolitain. Toujours selon nos sources, le rendement attendu serait de l’ordre de l’OAT 7,5 ans majoré d’un spread compris entre 150 et 200 points de base. A noter que pour les fonds de prêts aux collectivités territoriales, le chargement est immédiat. Autrement dit, il n’y a pas de phase d’investissement qui peut s'étaler sur plusieurs mois à la différence des fonds de dette classique.
24/03/2014

Le fonds de pension taiwanais PSPF sélectionne trois gérants

BlackRock, Allianz et UBS ont été sélectionnés par le fonds de pension de Taiwan Public Service Pension Fund (PSPF) pour gérer des mandats d’une valeur cumulée de 1 milliard de dollars, révèle Asia Asset Management.Dans le détail, le mandat « global minimum volatility » a été séparé entre BlackRock et UBS, qui recevront chacun 250 millions de dollars. En parallèle, BlackRock et Allianz se partageront le mandat « global high dividend », chacun recevant également 250 millions de dollars.
24/03/2014

Community Capital Mangement launches a multi-strategy mutual fund

P { margin-bottom: 0.08in; } The US asset management firm Community Capital Management is launching an open-ended multi-strategy mutual fund, the CCM Alternative Income Fund (CCMNX), which combines absolute return and return strategies. The strategy seeks a high level of returns, compatible with preservation of capital, while also reducing correlation to equity and bond markets.
24/03/2014

Legg Mason is considering soft closing subscriptions to US small cap fund

P { margin-bottom: 0.08in; } Legg Mason has fallen victim to its own success. The US-based asset management firm is considering soft closing its Legg Mason Royce US Small Cap Opportunity fund, a vehicle with USD1.3bn dedicated to US small caps, to all new subscriptions, Fundweb reports. The fund has reached 90% of its capacity, and the firm is therefore seeking to stop subscriptions to protect existing investors, even if no decision has been made yet. The vehicle, managed by William Hench, had over 300 positions on small and micro caps as of the end of January 2014.
24/03/2014

Heavy outflows from emerging market equity funds

P { margin-bottom: 0.08in; } Tensions between Russia and Western countries over Ukraine moved into the background in mid-March, as investors were much more concerned by the condition of the Chinese economy and efforts by Beijing to rebalance its growth model without triggering a hard landing. Over USD1.5 billion flowed out of China equity funds during the week ending March 18, while European equity funds were continuing to post inflows, according to the most recent statistics from EPFR Global. Overall, a net USD9.1 billion flowed into equity funds despite redemptions in excess of USD4 billion from emerging markets equity funds. Bond funds absorbed USD3.46 billion during the week while outflows from money market funds totaled USD31.8 billion.
24/03/2014

ESMA holds consultation on shareholding disclosure

The European Securities and Markets Authority (ESMA) on March 21 launched a consultation on draft Regulatory Technical Standards (RTS) under the revised Transparency Directive relating to the notification of major shareholdings and the indicative list of financial instruments subject to notification requirements. The revised Directive harmonises transparency requirements relating to information about issuers whose securities are admitted to trading on an EU regulated market.The consultation runs until 30 May 2014.
24/03/2014

Compensation for sales varies worldwide

Compensation based on sales varies significantly from one region to the next, according to new research from Cerulli. On average, a US salesperson in charge of wholesaling relationships will derive 40% of their pay from gross sales commission and 17% from net sales. In contrast, European managers place equal importance on tracking net and gross sales for compensation, whereas in Asia, 60% of the managers track net sales for compensation, writes the consultant. Meetings with specific firms and key influencers may not rank highly for compensation purposes, but they are monitored to determine the quality of a relationship. Managers in the United States use CRM systems to determine the number of touch points before a sale is made. In Europe, however, these measures are used selectively."Measuring success is a nebulous and imprecise task because of the number of factors involved in clinching a sale. However, managers are becoming more inventive and resourceful in nailing down each department’s contribution,» said Yoon Ng, director of Asia research at Cerulli.
24/03/2014

Changes to come in Asset Management at UBS

P { margin-bottom: 0.08in; } UBS may be making changes in its Asset Management activities. Ahead of the publication of its first quarter results and its investors’ day on 6 May, the newspaper SonntagsZeitung has reported that speculation is surrounding the subject. Several investors are expecting strategic measures on the part of the bank, for example, withdrawing from unprofitable products and markets where profits are too low and volumes too small. Analysts, for their part, are predicting information about cost reduction programmes in progress and about a reorientation in Asset Management. UBS is declining to comment.
24/03/2014

HSBC Private Bank appoints a head for Asia

P { margin-bottom: 0.08in; } HSBC Private Bank has promoted Bernard Rennell to the position of head of private banking for Asia-Pacific as part of a reshuffle of its management, Asian Investor reports. Rennell, who is currently serving as CEO of private banking for Northern Asia, will now serve as head for the entire region, as the bank has decided to merge its two Northern and Southern Asian centres. The appointment comes at a time when Amit Gupta, currently CEO of private banking for Southern Asia, has decided to take a leave of absence for personal reasons. Rob Ioannou and Sandeep Sharma have been promoted to co-heads for South-East Asia. Ioannou had previously been head of private banking activities in Singapore, while Sharma had serevd as head for India.
24/03/2014

“Since January, we have posted net inflows of EUR2bn”

In 2013, French boutique DNCA Finance recorded net inflows of EUR3bn and doubled its assets under management, which have topped EUR11bn. Joseph Châtel, chairman of the asset management firm, discusses the reasons for his success and lays out his plans for 2014. On the agenda: opening offices in Geneva and Madrid.
24/03/2014

French regulator cracks down on references to ratings in asset management prospectuses

P { margin-bottom: 0.08in; } According to Agefi, for several weeks, the prospectuses for new products have been frozen by the French regulator AMF, a manager warns. “We have asked for some further information but this is certainly not happening in the majority of cases,” says Xavier Parain, deputy secretary general in charge of the asset management directorate at the French financial market authority Autorité des marchés financiers (AMF), who says that this occurs in only a few cases per week. The point at issue is new rules concerning reference to ratings in documentation from asset management firms. This concerns OPCVM Funds, alternative investment funds (FIA) and management mandates. The European text has been transposed into French law, and was then transposed into AMF regulations on 25 July last year. It has now been in practical application by the AMF since the beginning of the year. The regulation aims to prevent managers from referring only to ratings in their management decisions.
24/03/2014

Swedish hedge fund closed after poor results

P { margin-bottom: 0.08in; } The Swedish asset management firm CB Fonder, managed and owned by Carl Bernadotte, is closing its hedge fund CB Hedge, Privata Affärer reports. The fund, launched in 2007, had aimed to earn returns of 10-15% per year. Last year, the fund lost 9.5%, while its benchmark index was gaining 21.2%. The liquidation of the fund will take place on 31 March, and investors will be redeemed on 9 April, pending the permission of the Luxembourg authorities.
24/03/2014

EDRAM releases its QUAM strategy on the French market

P { margin-bottom: 0.08in; } The Edmond de Rothschild group has recently announced the release on the French market of its Quantitative Asset Management (QAM) strategy. The strategy, which now has EUR3bn in assets under management in funds and mandates, will be offered both to retail and institutional clients. It had previously been available from the Geneva-based Compagnie Benjamin de Rothschild, which has since been merged into the group. The QUAM methodology is a strategy founded on a mathematical model. It identifies market trends and optimises positive market trends, through flexible asset allocation which aims to increase the value of invested assets through risk control management. The objective is to participate in positive market trends through flexible asset allocation to traditional asset classes, while retaining capital in the event of an established falling trend. The QUAM investment fund range, which has a total of EUR1.2bn, is composed of three products, EdR Fund Quam 5 EuR, EdR Fund Quam 10 EUR, and EdR Fund Quam 15 EUR. The investment universe for the underlying fund, composed of long-only UCITS IV funds with daily liquidity, covers the full range of asset classes: equities, bonds, diversified and money markets, across all geographical sectors and regions. The management team is led by Mathieu Gilbert, director of quantitative and overlay management (EUR10bn under management) at the Edmond de Rothschild group.
24/03/2014

TCW wins a mandates off Pimco

P { margin-bottom: 0.08in; } The TCW group, an asset management firm based in California, on 20 March announced that it had been selected by Columbia Management, an affiliate of Ameriprise Financial, to sub-advise and manage a fund integrated withing the Columbia Funds Variable Series Trust II. TCW takes on a role which had previously been occupied by Pimco. The fund concerned, previously known as the Pimco Mortgage-Backed Securities Fund, will be renamed as the TCW Core Plus Bond Fund. TCW will single handedly serve as manager of the bond vehicle, which had about USD1.3bn in assets as of 31 December 2013. The fund, launched initially in 2010, has significant investments in mortgage instruments with very high ratings, and aims to offer investors and shareholders both income and capital appreciation. TCW currently has over USD130bn in assets under management, while Columbia Management had USD356bn in assets under management as of 31 December 2013.

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