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16/10/2013

La Chine va vendre deux réacteurs nucléaires au Pakistan

Le journal, qui a interrogé des sources officielles pakistanaises, rapporte que la Chine a vendu au Pakistan deux réacteurs nucléaires, qui seraient livrés dans 6 à 8 ans, pour un montant global de 9,1 milliards de dollars (6,7 milliards d’euros). Pékin souhaite ainsi contrebalancer l’accord de coopération nucléaire signé entre l’Inde et les Etats-Unis.
15/10/2013

L'Assemblée adopte de justesse la réforme des retraites

Les députés français ont adopté de justesse mardi en première lecture le projet de loi de réforme des retraites, les radicaux de gauche et les écologistes s'étant abstenus sur ce texte clé du quinquennat de François Hollande. Seul le groupe socialiste a voté pour ce projet de loi qui a été adopté par 270 contre 249, soit une majorité relative.
15/10/2013

La Chambre des représentants prête à voter sur la dette

Selon un collaborateur des dirigeants de la Chambre des représentants cité par l’AFP, les parlementaires américains devaient voter ce mardi un texte relevant la limite de la dette jusqu’au 7 février et rouvrant l’Etat fédéral jusqu’au 15 janvier. Ce texte, qui est jugé de même source acceptable par le Sénat, apporterait des modifications plus importantes à la réforme du système de santé. Mais la Maison Blanche a rejeté ce nouveau plan.
15/10/2013

Richard Fisher exclut une réduction du QE en octobre

«A mon avis, l’option n’est même pas sur la table», a déclaré à Reuters Richard Fisher, président de la Fed de Dallas, en réponse à une question sur la possibilité d’un début de réduction du programme d’assouplissement monétaire lors de la prochaine réunion de la Fed. «Le moment est trop délicat», a ajouté ce partisan des «faucons», en référence à l’actuelle impasse budgétaire à Washington, qui a entraîné la fermeture partielle des services de l’Etat fédéral depuis le début du mois.
15/10/2013

La Suisse paraphe la convention de l'OCDE sur la transparence fiscale

Berne a signé mardi la convention de l’OCDE sur l’assistance administrative mutuelle en matière fiscale. Cité dans un communiqué, le secrétaire général de l’OCDE Angel Gurria a estimé que cette signature «envoie un signal clair et fort montrant que la Suisse fait partie de la communauté des États pour qui la coopération fiscale internationale est une nécessité».
15/10/2013

L’Argentine se tourne vers la Chine

Selon la presse argentine, la banque centrale du pays négocierait avec son homologue chinoise (PBoC) un prêt de quelque de 10 milliards de dollars qui serait destiné à renforcer ses réserves en devises étrangères. Celles-ci ont chuté de 20,3% depuis le début de l’année, pour tomber à 34,5 milliards d’équivalent dollars. L’Argentine en profiterait également pour rembourser ses lignes de dette arrivant à maturité, et pour couvrir ses besoins de refinancement.
15/10/2013

L'AFG prône un PEA-PME avec une fiscalité juste et des caractéristiques simples

L’imposition à 15,5% sur l’intégralité des gains constitués sur les PEA, PEL et certains contrats d’assurance vie depuis 1997 dans un souci d'équité fiscale selon le gouvernement est scandaleux d’un point de vue éthique, et antipédagogique, s’est insurgé Paul-Henri de la Porte du Theil, président de l’AFG, dans le cadre du colloque de PME Finance sur le projet de loi de finances pour 2014. L’Agefi rapporte que le responsable a assuré qu’il fera tout pour combattre cette mesure qui figure dans l’article 8 du projet de loi de financement de la sécurité sociale (PLFSS) pour 2014. Par ailleurs, pour l’AFG, le PEA-PME qui va être crée doit être simple techniquement, en évitant de trop nombreux ratios (actions, obligations...), qui créent des risques de bulle. Pour intégrer le non-coté facilement, Paul-Henri de la Porte du Theil propose d’autoriser les FCPR d’une part, et les fonds ayant les caractéristiques du PEA-PME d’autre part. Mais comme aujourd’hui on ne peut mélanger coté et non-coté dans un fonds de fonds, il faudra que l’AMF y consente. En revanche, l’investissement direct en obligations «aujourd’hui, n’est pas utile et raisonnable», a noté Paul-Henri de la Porte du Theil.
15/10/2013

City Financial plans to launch an Asian macro fund

City Financial is planning to launch an Asian macro fund, and with this in mind has recruited Geoffrey Barker, Fund Web reports. Barker previously worked at Ballingal Investment dvisors (BIA), where he launched and managed the BIA Pacific Macro fund. The fund, a joint venture between City and its affiliate City Financial Investment Company (Hong Kong) is expected to be launched during first quarter 2014.
15/10/2013

Eastspring recruits deputy CEO from DeAWM

Eastspring Investments, the Asia asset management arm of Prudential Corporation Asia, has hired Michele Bang as deputy chief executive. She will spearhead the global expansion of distribution, product and marketing efforts and report to Guy Strapp, CEO. She will take up her Hong Kong-based role later this year, according to a press release.Michele Bang joins Eastspring Investments from Deutsche Asset & Wealth Management (DeAWM) where she has held a number of senior leadership roles and board seats in Asia. Most recently she was Managing Director, Head of Global Client Group, North Asia Asset Management. Her appointment as deputy chief executive follows the recent opening of Eastspring Investments European sales office in London, which will act as the region’s sales hub.
15/10/2013

Coface considers emerging market business risks

Coface says it is optimistic about corporate risks in the United States, but concerned about the risks in emerging markets such as Brazil and Thailand. In its most recent evaluations of these countries, Coface placed the A3 rating for Brazil under watch with negative implications. “The slowdown in consumption is making the industries and commerce which depend on it more fragile: household electrical appliances, automotive, electronics. Rising interst rates and inflated prices for imported components and machines, due to a depreciation of the real, are aggravated by taxes and production costs which remain high. Businesses then hesitate to accelerate their investments. In this context, payment incidents at Brazilian businesses recorded by Coface remain at a high level, near their peak in 2009,” Coface explains in a statement. The A3 evaluation for Thailand has also been placed under negative watch due to household debt levels. The A2 rating for the United States, however, has been placed on positive watch, despite the budgetary paralysis. “The government shutdown may have been a surprise but it should not have a significant effect on pending activities if it does not extend into the long term. However, uncertainty related to the US public debt ceiling remain high, and the risk of a failure to raise it cannot be ruled out. In this case, private demand may be significantly affected. However, our primary scenario at this stage is that this impasse will be avoided at the last minute, so that private consumer spending and investment remain robust, despite potential budget cuts,” Coface comments.
15/10/2013

Financière de l’Echiquier opens an office in Milan

Financière de l’Echiquier will on 15 January open an office in Milan, according to information from Bluerating. The new office will include Paolo Francesco Sarno, head of institutional sales, and Alessio Tonato, head of retail sales. Financière de l’Echiquier has been present in Italy since 2006 via registration of its funds.
15/10/2013

Copernico to sell M&G funds

M&G Investments has signed a distribution agreement with the Italian securities intermediation company Copernico, Bluerating reports. Copernico will distribute funds from M&G.
15/10/2013

Korea's Mirae to boost assets in Europe

Rahul Chadha, chief investment officer at Mirae, hopes that a forthcoming marketing push in Europe will help the Korean asset management firm to increase its USD1bn in international assets to the level of USD5bn managed outside Hong Kong. As part of its international growth plans, Mirae is planning to recruit staff in order to target investors in the Middle East, and is hoping to increase the number of employees based in London, in order to “sell more strongly in Europe,” says Chadha. The CIO also thinks that there are “massive opportunities” to sell the Luxembourg Sicav with 13 sub-funds throughout Asia, particularly in private banking and wealth management in Hong Kong and Singapore.
15/10/2013

Swiss Life Asset Managers posts over EUR2bn in inflows in first half

Swiss Life Asset Managers, launched in November 2012 to unite all expertise of the Swiss Life group in asset management for third parties, has postd inflows of CHF2.528trn, or EUR2.054trn, largely from expertise acquired and reinforced since the launch of the real estate, fixed incoe, money market and diversified fund ranges. In France, Swiss Life AM has posted inflows of over EUR700m to money market funds, at a time when this market segment shows strong outflows. “This historic expertise in the area of money market management and the performance of funds has allowed for 16 new institutional clients to be conquered and made loyal on the French market since the beginning of the year,” Swiss Life says in a statement. Swiss Life Asset Managers, which in May oversaw the opening of a representative office in French-speaking Switzerland, in Geneva, dedicated exclusively to distribution, is next year planning to scale up its presence in Germany, the United Kingdom and Scandinavia.
15/10/2013

Deka sells properties in the United States and invests in Madrid

Frankfurt-based Deka Immobilien GmbH has announced that it has sold two commercial properties located in San Francisco to the US real estate group Ashkenazy Acquisition Corp. for EUR117m. The properties had since 1999 been in the portfolio of the open-ended real estate fund Deka-ImmobilienEuropa. The transaction comes as part of Deka’s strategy to reduce the proportion of non-European assets in the portfolios of the fund, while profiting from the positive evolution of the markets to earn capital gains.Meanwhile, for its WestInvest TargetSelect Shopping fund, reserved for institutional investors, Deka Immobilien has acquired the Adolfo Dominguez shop (2,500 square metres) in Madrid from a real estate firm for EUR18m. The transaction corresponds to an “anticyclical opportunity” to add a well-located property to the portfolio.
15/10/2013

Hedge funds avoid AIFM

Hedge funds are avoiding the new European framework contained in the Alternative Investment Fund Managers directive, which aims to improve the protection of investors in hedge funds, due to the costs and compliance problems these involve, Financial Times fund management reports. Only 11 asset management firms have signed up for the new regime in the United Kingdom, a country which represents 74% of assets in European hedge funds, since it came into effect in July. Luxembourg and Ireland each have three asset management firms registered under the new framework.
15/10/2013

AIFM: France and Germany have higher requirements for private investments

Investors in France and Germany will have less choice than in other countries for private investments due to additional rules imposed by local regulators, according to a study by the Alternative Investment Management Association (AIMA) in partnership with the firm Ernst & Young. According to the study, 17 countries are planning to authorise private investment, but on the basis of highy varied regimes, while France and Germany impose additional terms, which will have the effect of limiting the range on offer to investors compared with other countries. The study emphasizes that the French market appears highly restrictive in this area, while other countries, such as the United Kingdom, Ireland, Sweden, and Luxembourg, only require alternative investors to respect minimal terms included in the AIFM directive. A study by Deutsche Bank of 44 European and American hedge fund managers finds that hedge funds are adopting a wait-and-see attitude to complying with the AIFM directive, with 82% of European managers planning to delay registration until 2014. More than 40% of managers surveyed indicate that they have recruited more than one full-time employee to prepare and manage new regulatory requirements.
15/10/2013

US mutual funds record net sales for September

After net outflows of USD7.92bn in August, compared with net sales of USD15.9bn in July, US long-term mutual funds in September posted net subscriptions of USD2.48bn, according to Morningstar. That brings net inflows since the beginning of the year to USD228.45bn.For their part, money market funds have attracted USd43.33bn in September, compared with USd22.09bn in August. Arithmetically, net outflows in the first nine months of the year come to USD16.52bn.Among the top six asset management firms by asset volumes, only Vanguard has done well in September, with net inflows of nearly USD3.25bn, and USD54bn in the first nine months of the year.The second, Fidelity Investments, has seen net outflows of USD1.55bn in September, but has posted inflows of USD5.68bn in January-September. American Funds suffered outflows of USD2.16bn in September, and USD13.74bn in the first nine months of the year, while Pimco has had to confront net redemptions of USD6.45bn in September, and USD8.23bn in the first three quarters.
15/10/2013

Legg Mason launches a senior loan fund

Legg Mason Global Asset Management has launched a senior loan fund domiciled in Dublin via its affiliate Western Asset Management, Investment Week reports. The Legg Mason Western Asset Senior Loan fund will be managed by TJ Settel, and will be structured as an open-ended fund aimed at qualified investors. The fund will invest in the international senior debt market, with a preference for the particularly liquid US market.
15/10/2013

US regulators debate supervision of the asset management industry

The fact that the Securities and Exchange Commission has launched a consultation to see if asset management firms pose a risk to the financial system is raising the eyebrows of other regulators, and may provoke a turf war for control of the industry, the Financial Times reports, citing sources familiar with the matter. The move follows the publication of a report by the Financial Research Office into asset management firms. If they are considered to present a systemic risk, their supervision would be transferred from the SEC to the Federal Reserve. This potential turf war could favour the asset management industry, which does not wish to be viewed as presenting a systemic risk.
15/10/2013

Barings to launch a European small cap fund

Barings asset management will launch a European small cap fund for manager Nicholas Williams and his co-manager, Colin Riddles, Citywire Global reports. The Baring European Opportunities Fund, domiciled in Dublin, will be released in the next few weeks.
15/10/2013

Neuberger Berman preparing a UCITS-compliant fund of hedge funds

In the face of rising demand on the part of discretionary fund managers, Neuberger Berman is planning to launch a UCITS-compliant version of its fund of hedge funds Neuberger Berman Absolute Return Multi-Strategy fund (ARMS), Investment Week reports. It will be an event-driven fund (long/short, event-driven, relative value credit), whose performance objective is 500 basis points over cash.It will be the second absolute return fund from the US asset mangaement firm to also be offered in the United Kingdom, after the Neuberger Berman Global Bond Absolute Return fund, which aims for returns 400 basis points over cash.
15/10/2013

Pioneer releases Dynamic Credit fund in Spain

Funds People reports that Pioneer Investments has registered A, C and I share classes (accumulation, in US dollars) in the Dynamic Credit sub-fund of its Sicav Pioneer Funds, a product managed by Michael Temple, head of US credit, and Andrew Feltus, US and global high yield manager, with the CNMV for sale in Spain.The product is a clone of a US-registered fund which may invest in all fixed income segments. The objective is to capture 75% to 80% of increases on the high yield market, and to undergo declines less than half those of the market. The fund aims for outperformance 200 basis points over Libor in US dollars.
15/10/2013

Meesman offers a tax-optimised equity ETF

With the Meesman Indexfonds Aandelen Wereldwijd, an ETF with fees of 0.5%, Meesman Index Investments on 1 October in the Netherlands launched a feeder product of an institutional index-based fund from Northern Trust, which invests in physical replication of equities of the MSCI World index.Since the new ETF is registered in the Netherlands, it can claim reimbursement of the withholding tax on dividends from foreign companies through agreements signed by the Netherlands, in order to avoid double taxation, which brings it additional returns of 0.4% to 0.5% per year.
15/10/2013

New head of multi-management at Federal Finance

Hervé Fournial will become the new head of multi-management at Federal Finance, Newsmanagers has learned. He will succeed Sylvain Serrandour, who will take charge of the development of an analysis team at the Brest-based asset management firm, including credit analysis and socially responsible investment. Fournial had previously been a manager in the multi-management team, which represents about EUR1bn in assets under management. His position will be replaced in order to maintain personnel at the same level. These movements come as part of a reshuffle of management teams and an overhaul of the product range, Stéphane Müller, chairman of the board at Federal Finance, tells Newsmanagers. The reshuffle of the product range, begun this summer, will result in a reduction in the number of funds from 40 to 27. “We want to have a more legible and concentrated product range for retail investors,” Müller explains. The rationalisation will initially concern equity and diversified funds, in early 2014, and then bond funds, at the end of first half. Some funds will disappear, as a result of low asset levels and outmoded themes, while others will be merged. Among the funds which will disappear are Federal Planète Bleue, for example. In terms of teams, Müller promises that no staff cuts are planned. Considerations are also taking in the institutional strategy, but the firm will provide more information about this at a later date.
15/10/2013

L'AFG fait de la promotion de l'ISR une priorité

L’Association Française de la Gestion financière (AFG) a souligné, dans un communiqué publié à l’occasion de la semaine de l’ISR, l’importance de la promotion de l’investissement socialement responsable (ISR), notamment auprès des particuliers. L’AFG a rappelé les initiatives prises au cours des derniers mois : mise à jour du Code de Transparence pour les fonds ISR ouverts au grand public commun à l’AFG et au FIR (Forum pour l’Investissement Responsable) février 2013, précision en juillet de la définition de l’ISR afin de faciliter la compréhension par les épargnants de ce mode d’investissement, et enfin la création d’un label ISR «unique et enrichi». Cette «forte implication de l’AFG dans l’ISR se situe dans le cadre plus global de son action de promotion de l’épargne longue» et de «la qualité des actifs, leviers du bon financement del’économie et d’une protection efficace des intérêts des épargnants», souligne l’AFG.
15/10/2013

Dominique Lamiot appointed as chairman of ERAFP

By a decree of the French president published in the official journal on 2 October 2013, Mr. Dominique Lamiot is appointed for a term of three years as chairman of the Etablissement de Retraite additionnelle de la Fonction publique (ERAFP). He succeeds Jean-François Rocchi, who in June this year announced his decision to quit the board on 1 July 2013. Rocchi was elected to the presidency on 8 November 2011. Since 1 July, the position had been occupied in the interim by Philippe Soubirous, vice-chairman of the board. Lamiot, an unrivalled civil administrator, is a graduate of ENA (1987), and since 2008 had served as secretary general at Bercy. Lamiot was appointed in April 2008 as secretary general of the economic and finance ministries. On 6 May 2010, he was confirmed in his position following the creation of an enlarged office of the secretary general, combining the functions previously served by three offices (SG, DPAEP and Sircom).
15/10/2013

Steve Cohen obliged to sell paintings

In the past few months, with an increase in legal costs to defend himself against accusations against him, the billionaire Steve Cohen has had to part with part of his private art collectoin, Bluerating reports. Via Sotheby’s, he is selling two Andy Warhol paintings and a canvas by Gerhard Richter. One of the Warhol paintings depicts Elizabeth Taylor, and is estimated at USD20m to USD30m. The artworks were shown last week in Qatar.
15/10/2013

Nobel prize in economics rewards research on the prices of assets

The Royal Swedish Academy of Sciences has decided to award the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for 2013 to Eugene Fama, Lars Peter Hansen and Robert Shiller “for their empirical analysis of asset prices”.“There is no way to predict the price of stocks and bonds over the next few days or weeks. But it is quite possible to foresee the broad course of these prices over longer periods, such as the next three to five years. These findings, which might seem both surprising and contradictory, were made and analyzed by this year’s Laureates, Eugene Fama, Lars Peter Hansen and Robert Shiller”, according to a press release.“The Laureates have laid the foundation for the current understanding of asset prices. It relies in part on fluctuations in risk and risk attitudes, and in part on behavioral biases and market frictions”.
15/10/2013

Man Group recruits former BlueCrest CEO

Man Group has hired Neil Mason, who was CEO of BlueCrest, as senior managing director and lead portfolio manager of the Man GLG multi-strategy portfolios, reporting to Luke Ellis, president of Man Group.Mason joins Man from Harvard Management Company, where he was chief risk officer. Prior to this, he was CIO at FRM Capital Advisors. Before joining FCA, Neil was CEO of BlueCrest.As part of the move, David Kingsley, portfolio manager on the multi-strategy portfolios, will report to Neil Mason and continue in his current role.

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