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07/03/2014

Madrid se concentre sur ses entreprises

Le ministre espagnol de l'économie présente aujourd’hui un projet de loi qui entérine la création d’un fonds de 30 milliards d’euros destiné à accueillir les prêts bancaires aux entreprises «viables», mais lourdement endettées. Une façon d’alléger un peu plus le bilan des banques.
07/03/2014

Les «petites taxes» dans le viseur de Bercy

Un rapport de l’Inspection générale des finances (IGF), commandé par le gouvernement, a identifié 192 «petites taxes», dont le rendement est inférieur à 150 millions d’euros par an. Le document cite par exemple la taxe sur les flippers et les Baby-foot. L’IGF propose d’en supprimer 90 ou 120, voire jusqu'à 160 en ne conservant que les 20 à 30 taxes les plus performantes.
07/03/2014

Le Canada et la Corée finalisent un accord de libre-échange

Au terme de près de neuf ans de négociations, le Canada et la Corée du Sud sont sur le point de boucler leur accord de libre-échange, rapporte le quotidien américain de sources au fait du dossier. Un accord pourrait être annoncé d’ici à sept jours. Un accord de ce type entre Washington et Séoul est entré en vigueur il y a deux ans, rappelle le journal.
07/03/2014

Les représentants américains votent une garantie de prêt à Kiev

La Chambre des représentants américains a approuvé jeudi un projet de loi assurant une garantie de prêt au nouveau gouvernement ukrainien. La mesure a été adoptée par 385 voix pour et 23 contre. Le Sénat devrait lui aussi approuver ce texte qui prévoit une garantie de prêt d’un montant d’un milliard de dollars, la semaine prochaine.
07/03/2014

Une hausse des taux évoquée en Ukraine

Selon un haut responsable de la banque centrale d’Ukraine, cité par Reuters, l’institut prévoit de discuter très rapidement d’une possible hausse de son principal taux directeur (taux d’escompte), actuellement fixé à 6,5%. Le gouvernement ukrainien s’attend à ce que l’inflation atteigne 8% cette année après 0,5% l’an dernier.
07/03/2014
Gestion d'actifs

SCOR GI réduit de son allocation les liquidités et les placements à court terme

SCOR Global Investments a réduit de son allocation les liquidités et les placements à court terme de 4 points sur le trimestre pour réinvestir essentiellement au sein du portefeuille obligataire et sur les segments de la dette d’entreprise, de la dette d’infrastructure et de la dette immobilière. SCOR Global Investments a poursuivi au quatrième trimestre 2013 la politique de redéploiement progressif de ses liquidités et d’allongement sélectif de la duration du portefeuille obligataire, conformément aux orientations du plan stratégique « Optimal Dynamics ». Au 31 décembre 2013, les cash-flows attendus sur le portefeuille obligataire sur les 24 prochains mois s'élèvent à 6,1 milliards d’euros (y compris les liquidités et placements à court terme), permettant une gestion dynamique de la politique de réinvestissement. Les actifs (hors fonds détenus par les cédantes) s'élèvent à 15 187 millions euros au 31 décembre 2013, soit une croissance de 9 % en 2013 due à l’acquisition de Generali US et malgré l’effet négatif des taux de change. Les actifs (au 31/12/2103) sont constitués de : 10 % de liquidités (en repli par rapport au 30 septembre 2013 compte tenu essentiellement du programme d’investissement et pour une moindre mesure de la finalisation de l’acquisition de Generali US qui a eu lieu le 1er octobre 2013), 76 % d’obligations (dont 4 % de placements à court terme), 3 % de prêts, 3 % d’actions, 5 % d’immobilier 3 % d’autres placements. Hors dépréciations du portefeuille actions, le rendement courant des actifs s'élève à 3,1 % sur l’ensemble de l’année 2013 (2,6 % après prise en compte des dépréciations du portefeuille actions). En prenant en compte les fonds détenus par les cédantes, le taux de rendement net des placements atteint 2,4 % sur la période.
Gestion d'actifs
06/03/2014

Schroders boucle un bon millésime 2013

Le gestionnaire d’actifs britannique a publié un profit avant impôt et exceptionnels en hausse de 41% sur un an pour 2013, à 508 millions de livres. La collecte nette a toutefois ralenti l’an dernier, à 7,9 milliards contre 9,4 milliards en 2012. Schroders affichait à fin 2013 des encours de 263 milliards de livres, contre 212 milliards un an auparavant.
06/03/2014

Mario Draghi attend une remontée graduelle de l'inflation

Lors de la conférence de presse suivant l’annonce du statu quo monétaire de la Banque centrale européenne, son président, Mario Draghi, a une nouvelle fois rejeté la comparaison entre la situation de la zone euro et celle du Japon pendant les années 1990 et 2000 où la baisse des prix entraînait un report des dépenses de consommation des ménages et d’investissement des entreprises se traduisant par une stagnation de l'économie. «L’inflation harmonisée devrait rester autour des niveaux actuels dans les mois à venir», a reconnu Mario Draghi mais «ensuite, les taux d’inflation devraient augmenter graduellement et atteindre des niveaux plus proches de 2,0%».
Photo : Bloomberg
06/03/2014

JP Morgan AM reshuffles emerging market team

P { margin-bottom: 0.08in; } There has been a review of staff on the team dedicated to emerging markets at JP Morgan Asset Management. The US asset management firm has added Sebastian Luparia to the team in charge of the Total Emerging Market fund, Fundweb reveals. Luparia, who had previously been co-manager of the JP Morgan Brazil Investment Trust, has been appointed as co-manager of the JP Morgan Total Emerging Markets and JP Morgan Total Emerging Markets Income Sicav funds. He will be responsible for portfolio construction and risk management. Luparia will work alongside Richard Titherington, chief investment officer for emerging market equities, and Pierre-Yves Bareau, chief investment officer for emerging market debt. Meanwhile, JP Morgan AM has appointed Sophie Bosch de Hood as co-manager of the JP Morgan Brazil Investment Trust, alongside Luis Carillo. She will also be principal manager of offshore Brazil equity funds, including the JP Morgan Brazil Equity Fund Sicav.
06/03/2014

European funds of funds return to growth

European funds of funds look set to resume a recent pattern of strong growth lifted by increased demand for multi-asset funds of funds in the wake of the financial crisis, Net new flows into fund-of-funds across Europe exceeded EUR40 billion in 2013, the biggest inflow in recent years, according to the March issue of The Cerulli Edge-Global Edition. More than 300 multi-asset funds of funds were launched in 2013.The United Kingdom has one of the strongest growth rates for funds of funds, with assets under management (AUM) almost doubling in the last five years to more than EUR100 billion.AUM in funds of funds have also soared in Scandinavia; more than tripling in Sweden and Norway, and more than doubling in Finland and Denmark.Finally, demand for funds of funds in Germany and France recovered in 2013 after two years of outflows.
06/03/2014

Raiffeissen succeeds with launch of first real estate fund

P { margin-bottom: 0.08in; } The Raiffeisen Immo Fonds has raised CHF70m in the subscription period, which ended on 28 February, Agefi Switzerland reports. It is a good start for the first real estate fund from Raiffeisen, which has a solid basis to invest in existing properties and construction projects throughout Switzerland. The fund invests in properties with high energy efficiency, constructed from recyclable materials, which allow for a variety of uses and which offer high comfort. The objective remains to release the fund on the stock market in three to five years.
06/03/2014

Russell Investments France recruits a head of compliance

P { margin-bottom: 0.08in; } Russell Investments France on 5 March announced the recruitment of Katia Champrade as head of compliance and internal controlling. In this role, she will be responsible for prevention of risks and managing compliance procedures, as well as legal responsibility for funds. Chauprade will report directly to Dominique Dorlipo, chairman of Russell Investments France. She will work in coordination with the teams at Russell Investment based in London. Chauprade previously served in a similar role for 3 years at Financière de l’Echiquier. Before that, she held responsibilities for 7 years at the AFG (l’Association Française de la Gestion financière).
06/03/2014

Emil Wolter to co-manage Magellan at Comgest

P { margin-bottom: 0.08in; } Emil Wolter has been appointed as co-manager of the Magellan Sicav and investment adviser for Comgest Growth Emerging Marktes, alongside Vincent Strauss and Wojciech Stanislawski. Wolter, who joined Comgest in 2012 and has 19 years of experience, replaces Jean-Louis Scandella, who has stopped his role in the Emerging Countries team, and will leave Comgest at the end of May to pursue other personal projects, a statement says. Stanlislawski now replaces Jean-Louis Scandella alongside Vincent Strauss and Galina Besedina, also an investment adviser at Comgest Growth Emerging Markets Promising Companies, the midcaps version extended to frontier markets of its main emerging market strategy. Comgest also on Wednesday, 5 March announced the recruitment of the South African Slabbert Van Zyl, who joined Comgest in Paris in early February to strengthen its research capacities in African equities.
06/03/2014

Azimut posts inflows of over EUR1bn in two months

P { margin-bottom: 0.08in; } Azimut has finished the month of February with net inflows of EUR598m, bringing total inflows since the beginning of the year to EUR1.3bn, Bluerating reports. Inflows in February went to funds (EUR330m), wealth management (EUR146m) and life insurance (EUR146m).
06/03/2014

Pioneer GAM to award shares to key employees

P { margin-bottom: 0.08in; } Pioneer Global Asset Management will be launching a free capital increase for up to EUR22.3m, which will be carried out through an issue of a maximum of 2 million shares, Milano Finanza reports. The operation will allow for a new incentive plan to be created, which will include 150 key employees at the Italian asset management firm of the UniCredit group and its affiliates. Pioneer finished the year 2013 with net inflows of EUR9.6bn and assets of EUR174bn.
06/03/2014

Credit Suisse LAB hedge fund index up 1.49% in January

P { margin-bottom: 0.08in; } The Credit Suisse LAB index of the hedge fund sector in February rose by 1.49%, after a decline of 0.94% in January. The Event Driven strategy recorded the best performance in the month under review, with gains of 2.29%. In the first two months of the year, it also leads, with returns of 2.47%.
06/03/2014

Finma licenses to manage foreign funds subject to some difficulties

P { margin-bottom: 0.08in; } Finma licenses, imposed by the revised collective capital investment laws (LPCC), are continuing to be issued on the financial market, Agefi Switzerland reports. The Swiss surveillance authority has issued 33 asset manager licenses since March 2013, and about 20 applications are currently under evaluation. The licensing process has led to deep modifications to structures and their functioning, which are not always easy to put in place, particularly since an adequate organization implies that the board of directors be mostly independent of the operational management, at a time when independent management structures are very often organized around a driving personality who is at the centre of all decisions, who may be a manager, shareholders, chairman of the board and CEO. “This aspect of governance is one of the most common problems in the cases which are presented to Finma,” says Evan Mermod of KPMG. “The same person cannot chair the board of directors and lead operationally. This change is often difficult emotionally, it is perceived as a loss of power.”
06/03/2014

USD750bn in new QFII quotas awarded in China in February

P { margin-bottom: 0.08in; } China’s State Administration of Foreign Exchange awarded USD750m in net Qualified Foreign Institutional Investor (QFII) quotas to 7 new foreign entities in february, bringing the total quotas awarded to USD52.3bn and the number of beneficiary institutions to 237 as of 28 February, Asia Asset Management reports. Among the new firms to receive the status in February, Bank of Lithuania and CTBC Bank received USD100m and USD50m, respectively. USD100m were awarded to Fidelity Investments Management (Hong Kong), Samsung Investment Trust management Co, and lastly, Goldman Sachs Asset Management. Lastly, Fubon Securities Investment Trust has seen its USD200m quota renewed.
06/03/2014

Neuberger Berman plans to add to Swiss teams

P { margin-bottom: 0.08in; } Neuberger Berman is planning to double its teams in Switzerland in the next two years, Fabio Castrovilliari, head of the Swiss market at the US asset management firm, tells Finews. So far, 4 people are working for Neuberger Berman in Switzerland, out of 2,000 employees for the group worldwide. “But considering flows from Swiss clients, we are the third largest market for the group,” sayas the regional head. In total, Neuberger Berman has USD242bn in assets under management worldwide.
06/03/2014

Morgan Stanley plans to sell private banking activities in Switzerland

P { margin-bottom: 0.08in; } The Morgan Stanley group has initiated the sales process for its private banking activities in Switzerland, Bank Morgan Stanley AG, the website finews reports. The decision comes as part of a restructuring of wealth management activities at Morgan Stanley. Morgan Stanley did not wish to comment, but did not deny the reports. Morgan Stanley has about 130 employees in its private banking activities in Switzerland, whose assets under management total about CHF10bn. As the process has been initiated, an agreement over the sale of the activity may come within second quarter, finews reports.
06/03/2014

TA Associates pulls out of Jupiter

P { margin-bottom: 0.08in; } TA Associates has sold its last stake in Jupiter, representing 10.6% of capital, which drove down shares by 5% in the morning, Investment Week reports. The shares were sold at 406 pence each, which brought in GBP197m for the private equity firm. The firm, which supported the Jupiter MBO in 2007, still controlled 22% of the firm in 2010.
06/03/2014

Franklin Templeton recruits a veteran of Carmignac Gestion

P { margin-bottom: 0.08in; } Franklin Templeton has recruited Mark Dunn from Carmignac Gestion to lead its sales team for discretionary management in the United Kingdom, FT Adviser reports. Dunn, who will join the firm on 1 April, previously worked for two years at Carmignac Gestion as director of sales for the United Kingdom. He was previously head of strategic development at LV Asset Management.
06/03/2014

Net inflows up 75% for Legal & General IM in 2013

P { margin-bottom: 0.08in; } Legal & General Investment Management (IM) has had a record year in 2013. Last year, the asset management firm, an affiliate of the insurer Legal & General, took in GBP9.3bn in inflows from external clients, up 75% compared with GBP5.3bn in 2012. Legal & General IM has harvested the fruits of its international expansion. The asset management firm has seen its net subscriptions double to international external clients, to GBP15.7bn in 2013, compared with GBP7.8bn in 2012. Legal & General IM America single handedly took in GBP5bn in net subscriptions. However, in the United Kingdom, the asset management firm has seen net outflows of GBP6.4bn, related to payments for redemptions to defined contribution funds. Driven by these strong net inflows and positive market effects, assets under management are up 10.7%, to a total of GBP449.5bn as of the end of 2013, compared with GBP406bn at the end of 2012. International assets alone were up 37% to a total of GBP59bn, compared with GBP43bn in 2012. “We are continuing to construct our presence in Europe and the Gulf countries with record sales in each of these regions in 2013,” the company said in a statement, adding that it received a license for its Asian affiliate in 2013. In this context, Legal & General IM has posted good financial results. Its revenues are up 11% year on year, to GBP594m, while operating profits are up by nearly 12% to GBP304m in 2013, compared with GBP272m in 2012. In 2013, the Legal & General group earned “record profits,” reporting operating profits of GBP1.15bn, up 7% year on eyar, and net profits of GBP896m, up 12% compared with 2012.
06/03/2014

Three salespeople leave Invesco to join Woodford

P { margin-bottom: 0.08in; } Three members of the sales teams at Invesco Perpetual left the firm to join their old colleague, Neil Woodford, at his new firm, Oakley Capital, Investment Week reports. The three, currently on gardening leave, will join Oakley Capital shortly after Woodford launches Woodford Investment Management.
06/03/2014

Arcano AM does well for European Income fund

P { margin-bottom: 0.08in; } Arcano Asset Management, the asset management arm of the Spanish Arcano group, has brought the assets in its Arcano European Income Fund (AEIF) to EUR110m, advised by Arcano and managed by UBS Gestion, Funds People reports. The vehicle invests as a priority in LBO loans and high yield bonds from companies domiciled in the European Union, or which have a commercial activity in that region or with other European countries.
06/03/2014

Union Investment posts inflows of over EUR10bn in 2013

P { margin-bottom: 0.08in; } Net inflows at Union Investment last year totalled EUR10.1bn, according to preliminary figures released on 5 March. Assets under management rose by 8.2%, to EUR206.2bn, compared with EUR189.5bn as of the end of 2012. Institutional inflows totalled EUR6.4bn while retail inflows totalled EUR3.7bn.
06/03/2014

Threadneedle to scale up distribution in Germany

P { margin-bottom: 0.08in; } Threadneedle Investments has recruited Marc Schlamann as head of distribution for northern Germany, Das Investment reports. Schlamann previously worked at Fidelity Worldwide Invesment as regional head of distribution.
06/03/2014

JP Morgan AM remanie son équipe dédiée aux marchés émergents

Revue d’effectifs au sein de l’équipe dédiée aux marchés émergents de JP Morgan Asset Management. Le gestionnaire d’actifs américains vient en effet d’intégrer Sebastian Luparia a au sein de l’équipe en charge du fonds Total Emerging Market, révèle Fundweb. L’intéressé, jusque-là co-gérant du JP Morgan Brazil Investment Trust, a été nommé co-gérant du portefeuille des fonds JP Morgan Total Emerging Markets et JP Morgan Total Emerging Markets Income Sicav. Il sera notamment en charge de la construction du portefeuille et de la gestion du risque. Sebastian Luparia travaillera ainsi aux côtés de Richard Titherington, directeur des investissements pour les actions des marchés émergents, et Pierre-Yves Bareau, directeur des investissements pour les dettes des marchés émergents.En parallèle, JP Morgan AM a nommé Sophie Bosch de Hood au poste de co-gérante du JP Morgan Brazil Investment Trust aux côtés de Luis Carillo. Elle sera également la gérante principale des fonds actions «offshore» Brésil, dont le JP Morgan Brazil Equity Fund Sicav.
06/03/2014

Pioneer GAM va attribuer des actions à ses collaborateurs clés

Pioneer Global Asset Management va lancer une augmentation de capital gratuite d’un maximum de 22,32 millions d’euros, qui passera par l’émission d’un maximum de 2 millions d’actions, révèle Milano Finanza. Cette opération permettra de nourrir le nouveau plan d’incitation qui concernera 150 collaborateurs clés de la société de gestion italienne du groupe UniCredit et de ses filiales. Pioneer a terminé l’année 2013 sur des souscriptions nettes de 9,6 milliards d’euros et un encours de 174 milliards d’euros.
06/03/2014

Azimut collecte plus d’un milliard d’euros en deux mois

Azimut a terminé le mois de février sur des souscriptions nettes de 598 millions d’euros, portant le total de la collecte depuis le début de l’année à 1,3 milliard d’euros, rapporte Bluerating. Les flux de février se sont portés vers les fonds (330 millions d’euros), les gestions patrimoniales (146 millions) et l’assurance vie (146 millions).

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