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08/11/2013

Deutsche Bank songe à céder de l’immobilier

Un fonds d’investissement géré par une filiale de la première banque allemande et la société immobilière italienne Prelios ont entamé des négociations pour céder 18.000 logements, situés dans le nord de l’Allemagne, à une division de la foncière autrichienne Immofinanz pour un montant qui pourrait atteindre environ 942 millions d’euros. L’issue des discussions est attendue d’ici fin 2013.
08/11/2013

Le LME modifie sa politique de stockage

Le conseil du London Metal Exchange a approuvé hier des modifications de sa politique de stockage afin de diminuer le temps d’attente pour les utilisateurs. Selon ces nouvelles règles, les entrepôts enregistrés auprès du LME qui connaissent des retards de 50 jours ou plus devront livrer davantage de métal qu’ils n’en reçoivent.
08/11/2013

Hausse de 10% de l’ANR d’Eurazeo sur 9 mois

La société d’investissement affiche une quasi-stabilité (+0,2%) de son chiffre d’affaires à données retraitées au troisième trimestre, à 1,22 milliard d’euros. Son actif net réévalué, principal indicateur de son activité, atteint pour sa part 59,4 euros par action à fin septembre, en hausse de 10% par rapport à fin 2012.
08/11/2013

Bruxelles refuse de repousser le reporting obligatoire des dérivés

Selon le journal qui a pu consulter une lettre émanant de la Commission européenne, cette dernière rejette la demande faite par l’Autorité européenne des Marchés (Esma) de repousser à janvier 2015 le reporting obligatoire sur le trading de produits dérivés cotés et non cotés, les sociétés de courtage devant donc s’y préparer pour le mois de février 2014.
08/11/2013

Timothy Massad devrait être nommé à la tête de la CFTC

Selon le quotidien new-yorkais qui se réfère à des sources officielles, Washington s’apprête à nommer à la tête de la CFTC (Commodity Futures Trading Commission) Timothy Massad, qui a supervisé le programme de sauvetage des banques américaines (Tarp) au cours des trois dernières années. Il remplacerait à la CFTC Gary Gensler, qui doit quitter ses fonctions d’ici au 3 janvier prochain.
08/11/2013
Gestion d'actifs

L'ANCV vient de choisir ses gérants obligataires

L’Agence Nationale pour les Chèques-Vacances (ANCV) qui avait lancé un appel d’offres sur l’obligataire le 6 novembre 2012, vient de sélectionner quatre asset managers pour gérer 5 FCP dédiés. Axa IM et Natixis AM vont gérer chacun un FCP obligataire ISR zone euro 3 à 5 ans, Allianz Global Investors et Natixis AM vont gérer chacun un FCP obligataire ISR zone euro, avec un horizon de 1 à 3 ans, et enfin OFI se voit confier la gestion d’un FCP monétaire ISR zone euro (6-18 mois). Ces 5 fonds devraient représenter à terme (en 2014) 650 millions d’euros d’encours, soit 50% de l’actif global de l’ANCV. Rappelons que l’ANCV travaillait depuis 4 ans avec 3 sociétés externes pour la gestion de 3 FCP dédiés : BNP Paribas AM (FCP ANCV Performance ISR zone euro 3-5 ans), Natixis AM (FCP Martre Placement zone euro 1-3 ans) et Groupama AM (FCP ANCV Engagement ISR zone euro monétaire).
Gestion d'actifs
08/11/2013

Le rejet de l’écotaxe est massif en France

Selon un sondage réalisé par CSA pour le quotidien et l’Institut Montaigne, 57% des Français interrogés sont en faveur d’un abandon définitif de l’écotaxe, alors qu’ils ne sont que 33% à préconiser un maintien du projet dans une version amendée après concertation avec les acteurs économiques et politiques. Une seule catégorie socio-professionnelle considère que l’exécutif est dans le vrai, à 54 %, celle des cadres et des professions libérales A l’opposé, près de 3 employés sur quatre (73 %) et deux ouvriers sur trois (66 %) lui conseillent d’abandonner la partie. Les Français en activité estiment presque aussi massivement (61 %) qu’il vaut mieux renoncer.
08/11/2013

Le déficit budgétaire australien sera plus élevé que prévu

Le déficit public de l’Australie devrait s’élever à 50 milliards de dollars australiens (35,3 milliards d’euros) pour l’exercice budgétaire en cours, soit un niveau 50% plus élevé qu’indiqué lors de la dernière campagne législative, rapporte l’Australian Financial Review sans indiquer ses sources. Ces nouvelles prévisions devraient être dévoilées vers la mi-décembre, précise le journal.
07/11/2013

La croissance aux Etats-Unis accélère grâce au restockage

Le produit intérieur brut (PIB) a augmenté de 2,8% en rythme annualisé sur la période juillet-septembre, sa meilleure performance depuis le troisième trimestre 2012, après 2,5% au deuxième trimestre de cette année, a annoncé le département du Commerce. Les économistes interrogés par Reuters prévoyaient en moyenne un taux de croissance annualisé de 2,0%. Les stocks des entreprises ont contribué à la croissance à hauteur de 0,83 point de pourcentage.
07/11/2013

L'euro se replie après la baisse surprise des taux de la BCE

L’euro a perdu jusqu'à deux centimes face au dollar après l’annonce surprise d’une réduction de 0,25 point du taux refi de la BCE . Après être passée brièvement sous les 1,33, la monnaie unique a repris une partie de ses pertes et traitait vers 17h30 juste sous les 1,34.
07/11/2013

Double Dividend obtains asset management firm license

The Dutch regulator, the Autoriteit Financiële Markten (AFM), has awarded Double Diviend, an investment consulting firm based in Amsterdam, an extension on its license, which allows it to manage investments, Fonds Nieuws reports.Double Dividend offers a socially responsible investment portfolio in equities, bonds and alternative assets, either directly or via the best funds from external managers, with a maximal commission of 1%, including VAT.In April, the firm also launched a sustainable development equity fund, which has EUR8m in assets, the Double Dividend Equity Fund, managed by Ward Kastrop.
07/11/2013

ING IM suffers redemptions in Q3

ING Investment Management has published stable assets for third quarter, at EUR176.1bn, compared with EUR176bn the previous quarter, but down by EUR3.8bn in one year, according to quarterly results for the ING group. Asset management in third quarter suffered net redemptions in Europe and Asia of EUR0.4bn in total. In detail, assets under retail management totalled EUR46.4bn, compared with EUR45.3bn in the previous quarter, and EUR43.2bn one year ago. Assets under management for institutional clients total EUR56.5bn, compared with EUR56.3bn in second quarter 2013, and EUR61.2bn one year ago.
07/11/2013

DeAWM overhauls its IT system

Das Investment reports that Deutsche Asset & Wealth Management (DeAWM), has mandated Aladdin Enterprise Investment System under a contract to update its entire IT system for investment processes, from securities analysis through to execution and settlement, including portfolio and risk management.
07/11/2013

Profit warning at MLP

The German financial services provider MLP (EUR22bn in assets) on 6 November announced that, due to a downturn in activities in retirement insurance and health insurance, earnings before interest and taxes (EBIT) for 2013 will be lower than the projected EUR65m. For 2012, they totalled EUR74.1m, compared with EUR17.3m in 2011.The corridor of EUR65-78m for EBIT in 2014 and 2015 has not been modified.In January-September, EBIT fell to EUR12.3m, from EUR26.4m in the corresponding period of 2012.
07/11/2013

Departure of Asia head from GSAM

Oliver Bolitho, chairman of Goldman Sachs Asset Management in Asia-Pacific, will be retiring at the end of the year, after 15 years at the firm, according to an internal memo seen by Financial News. After his resignation, he will become an advising director.
07/11/2013

Cogefi Gestion appoints representative for external sales

Cogefi Gestion has recruited Côme Simon de Tinguy as representative for external distribution. The new recruit, who will aim to strengthen the development of the professional client base, will be more specifically resopnsible for sales of the fund range to private bankers, multi-managers, family offices and online brokers. De Tinguy had since 2008 been head of sales to portfolio management firms at Financière de Champlain.
07/11/2013

New Hampshire RS awards a custody mandate to BNY Mellon

BNY Mellon Asset Servicing has announced that it won a global custody mandate for USD6.5bn from the New Hampshire Retirement System (NHRS). The investor services unit at BNY Mellon will provide custody, accounting, currency, cash management and risk services.NHRS has about 85,000 members, and works for 475 employers, the State of New Hampshire, municipal governments, school districts, counties, etc.
07/11/2013

M&G recruits sales manager for Italy

M&G Investments in early October recruited Nicola Mutinelli for its Italian team as sales manager, Milano Finanza reports. He will report to Matteo Astolfi, director. He had previously worked at Anima SGR as relationship manager. At the same time, Lorna Neri has been promoted to business development manager. As of 30 June, M&G had assets in Italy of EUR6.6bn.
07/11/2013

CEO resigns from Korean SWF

Choi Chong-suk, chairman and CEO of the Korean sovereign wealth fund, the Korea Investment Corporation (KIC), has resigned from his position for personal reasons, Asian Investor reports. The chief investment officer, Lee Donk-ik, will replace him for the interim. A replacement for Choi, who had been in office since July 2011, will be found by the end of the year, Asian Investor predicts. As of 31 March, the sovereign wealth fund had assets of USD61.6bn.
07/11/2013

Dexia AM to transition to AIFM mode in early 2014

Fabrice Cuchet, a member of the executive board and head of alternative management at Dexia Asset Management, on 6 November announced that the asset management firm “has chosen a double UCITS/AIFM license for its asset management firms based in France, Belgium and Luxembourg, and will submit AIFM applications to this effect in the first few months of 2014.” The decision is being taken for practical reasons, since moving to AIFM now would require reporting from early next year, which would represent a disproportionate workload.For Dexia AM, there will be about 200 UCITS funds and 100 AIFM funds. Clearing partners will have to be selected by second half next year and existing ISDA contracts will have to be updated with 15 counterparties.The conclusion of the transaction by which New York Life acquires Dexia AM is expected to come by the end of the year, and the European asset management firm will change names.Cuchet also says that net subscriptions totalled about EUR300m for alternative management at Dexia AM since the beginning of the year, with acceleration once news of the sale got out. Inflows were primarily concentrated on long/short credit, global macro and CTA strategies. Alternative assets as of the end of October totalled about EUR4.5bn.
07/11/2013

Asset management participates in good results at Natixis

Natixis, which on Wednesday, 6 November unveiled its results for third quarter, has posted strong growth in revenues for core professions, up 10% compared with third quarter last year, to EUR.597bn. In the Spain unit, asset management has posted record net inflows of EUR11.2bn, driven mostly by the United States, and life insurance activities, which were dynamic.
07/11/2013

Société Générale private bank posts very good results in Q3

The new large clients and investor solutions (GBIS) unit at the Société Générale group, which includes financing and investment banking and the private banking, asset management and investor services unit, has posted growth in its revenues of 7.2% in third quarter. Asstes under management at the private bank total EUR83.9bn as of the end of Sepember, due to net inflows of EUR0l8bn for the quarter, largely driven by France and Asia, a market effect of EUR0.7bn, and a currency effect of EUR0.1bn. However, the sale of activities in Japan on 1 October generated a perimeter effect of -EUR2.2bn. Investor Services activities have seen their assets under custody rise 7.7% to EUR3.609trn compared with the end of September 2012, and their assets under administration are up 11.6% in the same period, to EUR500bn. In finance and investment banking activities, “Lyxor has posted an incrase in its assets under management, thanks to significant inflows in the quarter as part of an extension of its product range.”
07/11/2013

Amundi posts inflows of EUR1.1bn YTD

In the first nine months of 2013, Amundi has recorded net inflows of EUR1.1bn, according to financial results published this Thursday by its shareholder Crédit Agricole, which will soon increase its stake to 80% from 75% currently. The stake will be sold by Societe Generale for EUR337.5m. Over the first nine months, new inflows were pushed up by distributors, institutional and corporate customers (+7.5 billion euros), the international branch networks (+2.3 billion euros) and employee savings management (+0.9 billion euros)., the bank says in a statement. However, French networks have seen redemptions of EUR9.6bn. Amundi also notes that long term inflows total EUR5.7bn, indicating that net redemptions from money markets were high (EUR4.6bn).Including 100% of the joint ventures in Asia and Smith Breeden, recently acquired (impact: +4.7 billion euros), assets under management amounted to 759 billion euros at end-September 2013 (up 2.6% on end-December 2012). They benefited from a favourable market effect of +13.5 billion euros. Average assets under management were 756 billion euros, up 9% year-on-year in the first nine months of 2013. Amundi delivered a 1.3% increase in gross operating income in the first nine months of 2013 by comparison with 2012. Revenues rose by 1.8% year-on-year over the first nine months and by 0.5% over the third quarter of 2013, due to resilient commissions and fee income. Operating expenses increased by 1.4% year-on-year over the first nine months of 2013 excluding the impact of tax measures. The cost/income ratio stabilised at 55.3% at 30 September 2013. Amundi’s net income Group share came to 233 million euros for the first nine months of 2013, up 4.6% year-on- year, and to 73 million euros for the third quarter.
07/11/2013

UBS and Wealth-X publish their first global survey of billionaires

The high net worth specialist Wealth-X and the Swiss group UBS on 6 November published the first edition of its survey of billionaires worldwide, the “Wealth-X and UBS Billionaire Census 2013.” The global population of billoinaires this year (June 2013) reached a record 2,170 people, up by 0.5% compared with 2012 (July). The wealth of Asian billionaires has grown most sharply in 2013, with a leap of nearly 13% for a population which has grown by 3.7% compared with the previous year. At the current growth rates, Asia would overtake the United States in five years, the report finds. Another remarkable development is that since the 2009 financial crisis, there are 810 new billionaires. The wealth of the population of billionaires has more than doubled since the financial crisis, to USD6.5trn, compared with USD3.1trn in 2009. The cumulative wealth of the billionaires has grown 5.3% since 2012.] Europe has the largest number of billionaires (766), but the United States continues to lead in terms of cumulative wealth, with a total of USD2.158trn.
07/11/2013

Credit Suisse sells DLJ Investment Partners

Credit Suisse is selling its DLJ Investment Partners (DLJIP) activity to Portfolio Advisors. The team at DJIP surrounding Igor DaCosta and Charles Harper will also transfer to the new owner, Credit Suisse said in a statement on 6 November. The operation is part of sale plans already announced, and is expected to be completed by the end of 2013. The financial terms of the transaction have not been disclosed. Since its inception in 1995, DLJIP has executed 75 financing transactions for a total of USD3.6bn.

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