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07/11/2013

Carlyle vise haut pour son nouveau fonds

Le co-directeur général de la société de private equity, David Rubinstein, a assuré que le fonds en préparation Carlyle Partners VI avait été intégralement souscrit et que son actif ne serait pas inférieur à 12,9 milliards de dollars. Carlyle a fait part d’un résultat net économique en repli de 11% à 195 millions au troisième trimestre sur fonds de moindres gains issus des cessions d’actifs.
07/11/2013

Le Trésor américain va émettre à taux variables

Le département du Trésor américain a indiqué hier qu’il prévoit d’émettre entre 10 et 15 milliards de dollars de titres à taux variables à partir du mois de janvier 2014. Un retour sur le marché pour ce type d’obligations, délaissées par Washington depuis 1997. Les investisseurs s’attendent à un rythme d’émission de 30 milliards de dollars par trimestre. La demande devrait provenir essentiellement des fonds monétaires, des fonds de court terme, et des trésoriers d’entreprises qui cherchent à se couvrir contre une hausse des taux d’intérêt. Ce lancement devrait en outre coïncider avec le début du ralentissement de la taille du programme de rachats d’actifs de la Réserve fédérale américaine (Fed), prévu d’ici mars 2014. Le Trésor a également indiqué qu’il avait reçu une forte demande de la part des investisseurs pour des émissions d’obligations indexées sur l’inflation (TIPS) de maturité 5 ans.
07/11/2013
Gestion d'actifs

La Caisse de Pensions de l'Etat de Vaud aimerait augmenter ses investissements en micro-finance

D’après Serge Ledermann, responsable de la Division investissements de Retraites Populaires, les investissements en micro-finance représentent pour le moment « un peu moins de 2 % des investissements de la Caisse de Pensions de l’Etat de Vaud ». A terme, Retraites Populaires, en accord avec la CPEV, « aimerait les augmenter mais est confronté à deux contraintes ». « La première est que cela reste un marché relativement petit, et la seconde est que lorsqu’on enlève toutes les charges liées au déploiement de cette activité plus en partie le hedging, la rentabilité disponibles pour les investisseurs est quand même relativement faible, autour de 3 à 3,25 % » déplore ainsi Serge Ledermann. Qui conclut : « nous attendons d’avoir une remontée de ces rentabilités pour déployer plus de moyens ». Rappelons que Retraites Populaires est une entité de droit public basée à Lausanne, qui gère près de 20 milliards de francs suisses pour le compte de plus de 100 000 assurés et pensionnés, avec deux activités, celle d’assureur-vie (rentes et capitaux en majorité), et celle de plateforme de gestion pour caisses de pensions, en majorité publiques. Le plus gros plan qu’elle gère est celui de la Caisse de Pensions de l’Etat de Vaud (CPEV), dont l’allocation stratégique est la suivante : 25 % en immobilier direct, 35 % en actions, 25 % en taux et le solde de 15 % en actifs plus alternatifs (placements privés, placements alternatifs, immobilier indirect en Suisse et à l'étranger, obligations convertibles et microfinance).
Gestion d'actifs
07/11/2013

Le Mexique va revoir le cadre de sa réforme énergétique

Selon le quotidien qui se réfère à deux sources officielles, le gouvernement mexicain négocierait avec le principal parti d’opposition une réforme des marchés de l’énergie plus favorable aux investisseurs. Alors que l’Etat prévoyait initialement des accords de partage des profits, les conditions financières des contrats seraient désormais définies projet par projet, ce qui offrirait plus de flexibilité pour le secteur des hydrocarbures.
06/11/2013

Le marché monétaire en zone euro se redresse

L’enquête annuelle de la BCE sur le marché monétaire en zone euro, réalisée auprès de 104 banques au deuxième trimestre 2013, montre que les volumes sont repartis à la hausse avec une progression de 3% des volumes échangés à 75.000 milliards d’euros. Ils avaient diminué de 18% sur un an en 2012, année marquée par les injections massives de liquidités de la BCE. Le gros des transactions sur le marché monétaire s’effectuent sur des maturités de moins de 7 jours.
06/11/2013

L'Italie bat un record d'émission de dette indexée

L’Italie a levé un montant record de 22,3 milliards d’euros dans le cadre d’une émission, bouclée mercredi, d’obligations souveraines à quatre ans indexées sur l’inflation. Ces titres étaient destinés aux particuliers mais les institutionnels ont répondu en masse, conduisant le Trésor a boucler par anticipation le placement. L’Italie avait établi le précédent record il y a un lors d’une émission de BTP Italia du même type. Le pays a désormais couvert 95% de son programme d'émission à moyen long terme pour 2013.
06/11/2013

Carlyle vise haut pour son nouveau fonds

Le co-directeur général de la société de private equity, David Rubinstein, a assuré que le fonds en préparation Carlyle Partners VI avait été intégralement souscrit et que son actif ne serait pas inférieur à 12,9 milliards de dollars. Carlyle a fait part d’un résultat net économique en repli de 11% à 195 millions au troisième trimestre sur fonds de moindre gains issus des cessions d’actifs.
06/11/2013

Petercam hires sales head in Luxembourg

Sanela Kevric joined Petercam Institutional Asset Management in early October to become head of institutional clients in Luxembourg, effective November 1st. Based in Luxembourg, she replaces Bernard Jans who has joined the institutional clients team in Belgium. Sanela Kevric worked at Banque Internationale in Luxembourg, where she was a portfolio manager.
06/11/2013

Mirabaud launches global convertible bond fund

As announced four months ago (see Newsmanagers of 29 June), Mirabaud on 5 November announced the launch of its UCITS-compliant fund Mirabaud-Convertible Bond Global, which was created in the form of an incubation fund a few months ago.The product is managed by Renaud Martin, head of convertible bonds, and Nicolas Crémieux, a senior portfolio manager who joined Mirabaud Asset Management from Dexia AM.The Mirabaud – Convertible Bonds Global, which received a license from the Luxembourg CSSF in early September, aims to seize “the best opportunities in the global convertible bond unierse, including emerging markets,” according to a press release. It comes as an addition to the Mirabaud - Convertible Bonds Europe fund launched in early December 2012, which has asets of EUR220m.
06/11/2013

Edhec Risk Institute and Efama oppose on ESMA guidelines

According to a press release from Edhec-Risk Institute dated November 5th, EFAMA, the European Fund and Asset Management Association recently ventured that the European Securities and Markets Authority (ESMA) had exceeded its powers and mandate by issuing “quasi-regulation (...) on topics which were not previously regulated at EU level.” The representative body for the European investment management industry specifically targeted the ESMA Guidelines on ETFs and other UCITS issues and its provisions in terms of securities lending, collateral management, or the use of financial indicesEDHEC-Risk Institute, which, like EFAMA, has contributed to the consultation process that led to these guidelines , takes exception to this language and interpretation and wishes to underline the considerable investor protection and competition advances introduced by ESMA, notably with respect to the mitigation of counterparty risk and the quality and transparency of financial indices.EDHEC-Risk Institute «calls upon European lawmakers to transpose the advances pioneered by ESMA in the UCITS space to other Packaged Retail Investment Products so as to promote high uniform standards of investor protection and reduce opportunities for regulatory arbitrage within the EU. EDHEC-Risk Institute also encourages worldwide authorities reviewing the regulation of financial indices and benchmarks to adopt standards of transparency on par with those of the ESMA guidelines to establish the necessary conditions for the sustainable growth of an industry that can play a major role in enhancing investor welfare», the release says.
06/11/2013

Assets of US clients at Pictet total USD3.6bn

Assets under management for US clients of Pictet total USD3.6bn, Bertrand Demole, one of the top managers of the Swiss private bank, has told the Jerusalem Post.Demole also states that Pictet would not like to develop through external growth operations. “We have engaged in an organic growth process and we have never planned a merger or an acquisition in our history,” he says.
06/11/2013

BlackRock recruits big name from Credit Suisse

André Bantli, regional head of investment & portfolio management Asia Pacific and country head asset management Singapore at Credit Suisse Asset Management, has joined BlackRock as head of retail distribution for Switzerland, finews.ch reports.Bantli will be based in Zurich, and will work in close collaboration with Roger Stüber, senior client relationship manager, who remains head of key retail accounts, and will report to Martin Gut, country head Switzerland.
06/11/2013

Julius Baer plans to merge Infidar and WM Partners

The private bank Julius Ber is planning to merge its external investment advising partner Infidar and WM Partners. The market will thus see the creation of a new giant in wealth management, according to the website “Inside Paradeplatz.”A spokesperson for Julius Baer has confirmed that the firm is “in advanced negotiations” with WM Partners with the intention of merging the two businesses. Further information will be provided only when the deal has been completed.
06/11/2013

Deloitte and Etops launch service platform for asset managers

Deloitte, a consulting and audit firm, and Etops, a specialised middle and back office service provider, have decided to launch a new platform to integrally address the current and future challenges for asset managers. With the new platform, called Assetbox, the two partners offer a range of services, enabling asset managers to master regulation, risk, operations, tax, compliance and reporting requirements as well as improving performance, distribution, and cost efficiency.
06/11/2013

amLeague : la gestion active se fait mieux respecter à l'international

Avec des marchés d’actions toujours bien orientés, le mois d’octobre à été de nouveau profitable à la gestion active. Mais bien que sur les trois mandats actions «full invested», aucun portefeuille n’ait enregistré de pertes et que les gains des meilleurs sont sensiblement plus élevés que ceux des indices de référence, on notera que ces derniers ont été, somme toute, difficiles à battre. Ainsi, seuls quatre gérants sur dix-huit y sont parvenus dans le mandat actions «zone euro» (5,38% pour l’Eurostoxx NR), huit sur vingt-deux au sein du mandat Europe (3,93 % pour le Stoxx 600 NR) et cinq sur douze dans le cadre du mandat «Global Equities» (3,46 % pour le Stoxx 1800 NR). Il s’agit donc dans ce dernier cas de la plus forte proportion de gérants actifs battant le marché. D’autre part, à quelques exceptions près, les gérants «value» auront une nouvelle fois dominé les débats. Mais des différences sont perceptibles en bas de tableau par rapport au mois précédent. Les «quants» n’occupent plus systématiquement les dernières places, certains - comme Vivienne Investissement dans le mandat Actions Europe figurant même parmi les meilleurs.
06/11/2013

Singapore funds increase exposure to Europe

The two Singapore sovereign wealth funds, Temasek and GIC Private, have quietly increased their exposure to Europe, and especially the United Kingdom, this year, the Financial Times reports. Last month, the GIC sovereign wealth fund bought a 28.5% stake in the British firm Rothesay Life. It also increased its stake in Royal Mail to slightly over 4%. Earlier, Temasek bought a small stake (less than 1%) in Lloyds Banking Group. In August, GIC was in negotiations to acquire half of Broadgate in the City of London.
06/11/2013

Sovereign fund transparency progressing slowly

The most recent rankings of sovereign funds on the basis of transparency remained highly stable in third quarter compared with the previous quarter, according to the transparency index Linaburg-Maduell, from the SWF Institute. The top of the rankings continue to be occupied by 10 sovereign funds, which have scored the highest possible rating of 10. These are followed by 10 sovereign funds with a score of 9, one more fund than in the rankings for second quarter, due to the addition to the list of the Alabama Trust Fund. The most recent rankings gained five new entrants, bringing the total number of sovereign funds reviewed for transparency to 51 from 46 previously. Aside from the Alabama Trust Fund, the other new entrants do not necessarily score well, as the Oman Investment Fund has a rating of only 4, like the Mexican oil fund (Oil Revenues Stabilization Fund of Mexico).
06/11/2013

City Financial builds presence in bonds

The independent asset management firm City Financial has recruited Philip Lee with immediate effect as global bond manager in its bond team. He will work in close collaboration with Graham Glass, principal manager of the City Financial Defensive Global Bond Fund. Lee previously worked at Asset Risk Consultants, an independent investment advising firm, where he had been associate director.
06/11/2013

Head of institutional sales for German-speaking Switzerland at Lyxor joins Bluebay

finews.ch reports that David Keel has left his position as director of institutional sales at Lyxor Asset Management in German-speaking Switzerland after only 10 months, to join the UK-based Bluebay Asset Management as head of sales for Switzerland. He will be responsible for the acquisition and management of institutional clients.Before being recruited by Lyxor, Keel had worked at Barclays Capital Fund Solutions.
06/11/2013

Daniel Vaquero promoted to CIO of Popular Banca Privada

Daniel Vaquero, director of fixed income management, has been promoted to chief investment officer at Popular Banca Privada. He will be replaced in the position he is leaving by Ángel Pérez Carretero, who joins from Allianz Popular AM, Funds People reports.The asset management affiliate of the private bank from Banco Popular has 11 people, led by Jordi Padilla, and has assets of EUR1.25bn, which represents an increase of 15% since the beginning of the year. Overall, assets at Popular Banca Privada total EUR5.1bn.
06/11/2013

Structured products are better regulated in Germany from 1 November

The German association of promoters of structured products (DDV) has passed a new code of conduct which is much stricter than the last one. The new code, which came into force on 1 November, though voluntary, includes much stricter regulations than the previous one, with a particular insistence on the notion of transparency. “In addition to the transparency of products, the transparency of costs now plays a central role in good conduct. Structured products now have a lead time in terms of cost transparency. No other sector is as open with its clients,” says Hartmut Knüppel, CEO and member of the board at the professional association.
06/11/2013

Universal teams up with Daiwa on Japanese equities

Daiwa AB Investments (DSBI) is planning to release its Japanese strategies in Europe, with the help of the German firm Union-Investment, Citywire reports. The partnership in 4 November led to the joint launch of the Japan Equity Fundamental Active Fund, managed by Masashi Kamohara.It is the first Japanese equity fund to be distributed by Universal through a Luxembourg UCITS platform dedicated to DSBI. The new fund is expected to receive a sales license for Germany and the United Kingdom within two weeks.
06/11/2013

Henderson invests in Hildesheim

With Palmira Capital Partners, Henderson Global Investors (HGI) has acquired a logistical centre for an undisclosed sum, with 44,631 square metres in Hildesheim (Lower Saxony). The property, completed in 2013, will be added to the Henderson German Logistics Fund (HGLOF).It is the second German institutional fund (Spezialfonds) from HGI. The objective is annual returns of 8%.
06/11/2013

Franklin Templeton launches first ETF

On 7 November, Franklin Templeton will launch the Franklin Short Duration U.S. Government ETF, its first ETF. According to Index Universe, it will be an actively-managed fund of bond ETFs, whose ticker code witll be FTSD. The total expense ratio is announced at 0.30%.The portfolio will be focused on Treasurys, with a maximal maturity of three years.

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