Le groupe Novaxia, opérateur immobilier et acteur de la collecte ISF-PME immobilière, a initié les démarches pour obtenir le statut de société de gestion. Novaxia AM a un objectif de collecte de plus de 100 millions d’euros sur les trois prochaines années.

Le gouvernement espagnol devrait relever à 0,7% sa prévision de croissance du PIB en 2014 à l’occasion de la présentation du budget, prévue ce vendredi, a indiqué le Premier ministre Mariano Rajoy devant le Sénat. La prévision actuelle de Madrid pour l’an prochain est de 0,5%.

La Réserve fédérale a lancé une opération de «reverse repo» à taux fixe, notamment destinée à fixer un taux plancher sur le marché monétaire

Des ordres ont beau être envoyés quotidiennement sur Nyse BondMatch, ils sont très loin d'être tous exécutés

Invité au journal de France 2, le ministre de l’Economie indique que 80% des économies prévues en 2014 proviendront du recul des dépenses publiques

Le pôle de gestion de BNP Paribas pourrait reprendre en main sa boutique Theam et donner plus de poids à sa division institutionnelle

La banque centrale aimerait que les banques se tournent vers des obligations moins gourmandes en collatéral que les actuelles «cedulas»

L'indice Case Shiller a repris 21% par rapport à son plus bas de mars 2012, mais reste encore inférieur d'autant à son pic de juillet 2006

La revue des actifs, avec Oliver Wyman, se fait en l'absence d'un fonds de recapitalisation unique

La revue des actifs, avec Oliver Wyman, se fait en l'absence d'un fonds de recapitalisation unique

Afin d’améliorer l’efficacité de la production électrique tout en faisant baisser les prix, la Commission européenne vise une harmonisation des échanges de courant d’ici fin 2015 au sein de l’Union, ce qui devrait se traduire par l’émergence d’une Bourse d’électricité unique, rapporte le Frankfurter Allgemeine Zeitung sans citer ses sources. La Commission devrait présenter ses propositions à la fin de cette semaine, ajoute le journal.

Dans un contexte de taux historiquement faibles et afin de répondre aux attentes des investisseurs à la recherche de solutions innovantes, l’UFF a développé Actio Rendement 2013 en partenariat avec Société Générale. L’UFF continue avec Actio Rendement 2013 à faire évoluer son offre financière en architecture ouverte et sélective. Cette nouvelle solution d’investissement, développée avec un nouveau partenaire, illustre la poursuite de notre stratégie de développement de produits de contexte, souligne José Fernandez, directeur de l’offre financière de l’UFF. Cette solution d’investissement inédite sera commercialisée par UFF et AVIVA Actio Rendement 2013 s’adresse à une clientèle de particuliers, investisseurs patrimoniaux, cherchant un rendement potentiellement significatif et disposés, en contrepartie, à accepter un risque de perte en capital à l'échéance en cas de baisse de l’indice sous-jacent supérieure à 50%. Ils doivent aussi être prêts à immobiliser leur placement sur une durée qui peut varier de 1 à 8 ans. Avec le succès de nos offres Aviva Zénith Sécurité commercialisées au 1er semestre 2013, nous avons souhaité proposer le support Actio Rendement 2013 développé par UFF, afin d’offrir à nos clients une nouvelle solution de placement innovante pour des profils d’investisseurs ayant une certaine appétence au risque et désireux de profiter d’opportunités de performance offertes par le niveau des taux particulièrement bas explique Christian Martin, directeur épargne et prévoyance chez Aviva France. L’investisseur est exposé aux marchés actions européens par le biais d’une indexation à l'évolution positive ou négative de l’indice de référence des valeurs européennes, l’indice Euro Stoxx 50. Le remboursement d’Actio Rendement 2013 est conditionné à l'évolution de l’indice Euro Stoxx 50 dividendes non réinvestis (l’investisseur ne bénéficiera pas des dividendes détachés par les valeurs le composant). En cas de forte baisse de l’indice à l'échéance du titre au-delà de 50% à la date de constatation finale, le 10 janvier 2022, l’investisseur subira une perte en capital à hauteur de l’intégralité de la baisse enregistrée par l’indice. En contrepartie d’une protection en cas de baisse de l’indice jusqu'à 50%, l’investisseur accepte de limiter ses gains en cas de forte hausse des marchés actions.

La note souveraine des Etats-Unis ne serait sans doute pas affectée si les tensions politiques liées au débat budgétaire conduisaient à une fermeture des administrations fédérales, mais un blocage sur le plafond de la dette publique pourrait avoir des répercussions sur les marchés financiers, a déclaré mardi un analyste de l’agence de notation Moody’s. «Pour l’heure, nous ne considérons pas ça (une réduction de la note) comme une conséquence de ces événements à court terme», a dit Steven Hess, premier analyste du crédit souverain des Etats-Unis.

L’Allemagne émettra 3 milliards d’euros de dette souveraine de moins que prévu au quatrième trimestre, ce qui ramènera ses émissions pour l’ensemble de l’année à 247 milliards, annonce mardi l’agence de la dette. La Finanzagentur a annoncé l’annulation son émission de bons à 6 mois (Bubills) prévue en décembre. Elle émettra 12 milliards d’euros de bons du Trésor au lieu de 15 milliards, et 42 milliards de dette moyen long terme au quatrième trimestre

Le groupe Novaxia, opérateur immobilier et acteur de la collecte ISF-PME immobilière, a initié les démarches pour obtenir le statut de société de gestion. Novaxia AM a un objectif de collecte de plus de 100 millions d’euros sur les 3 prochaines années.

Le gouvernement espagnol devrait relever à 0,7% sa prévision de croissance du PIB en 2014 à l’occasion de la présentation du budget, prévue ce vendredi, a indiqué le Premier ministre Mariano Rajoy devant le Sénat. La prévision actuelle de Madrid pour l’an prochain est de 0,5%.

La hausse des prix des logements individuels aux Etats-Unis a atteint 12,4% en un an par rapport à juillet 2012, montre l’enquête mensuelle S&P/Case-Shiller. En juin, cette hausse ressortait à 12,1%. Sur lem ois de juillet, l’indice des prix a augmenté de 0,6% par rapport à juin alors que les analystes et économistes interrogés par Reuters attendaient une hausse de 0,8% après celle de 0,9% de juin.

Pension funds and other major investors spend billions of dollars per year on investment consultants for useless advising, a study from Oxford university cited by Financial Times fund management has found. The funds recommended by consultants are not better than others, and by some measurements, even underperform the market. On an equally-weighted basis, US equity funds recommended by consultants underperformed other funds by 1.1% per year between 1999 and 2011, according to an analysis of 29 consultant reports.

According to a study by ETFGI, Bank of America Merrill Lynch (BoA-ML), with over USD50bn, is by far the largest institutional shareholder in ETFs, Fonds Nieuws reports. It is followed by Wells Fargo, Morgan Stanley, goldman Sachs, UBS, BMO, JPMorgan and Citi, with a total of USD166bn.Paulson & Co is the largest alternative fund manager using ETFs, largely due to its investments in the Gold ETF from SPDR, while Tudor and Quantitative Investment Management have each invested over USD1bn in ETFs.Among university endowments, Harvard is exposed for USD561m to ETFs, while Stanford and Yale have invested USD146m and USD28m in ETFs, respectively.

Aberdeen Asset Management has raised EUR151.5m for a new fund of funds which will concentrate on the secondary real estate market, Fondbranschen reports. The fund, Aberdeen European Secondaries Property Fund, has the Swedish pension fund AP1 among its largest investors. The Property Multi-Manager team at Aberdeen, based in Stockholm, advises the fund. The fund is composed of about 15 funds, exposed to more than 200 real estate properties in Europe.

Deutsche Börse on 23 September announced that it has added three new German-registered ETFs from iShares to trading on the XTF segment of its Xetra electronic platform, including one bond and two equity product. The funds bring the number of ETFs listed in Frankfurt to 1,013.CharacteristicsName: iShares $ Corporate Bond Interest Rate Hedged UCITS ETFISIN code: DE000A1W4V85Benchmark index: Markit iBoxx USD Liquid Investment Grade Interest Rate Hedged IndexTotal expense ratio: 0.25%Name: iShares MSCI EMU Large Cap UCITS ETFISIN code: DE000A1W4V93Benchmark index: MSCI EMU Large Cap IndexTotal expense ratio: 0.49%Name: iShares MSCI EMU Mid Cap UCITS ETFISIN code: DE000A1W4WA3Benchmark index: MSCI EMU Mid Cap IndexTotal expense ratio: 0.49%

Since 23 September, the Frankfurt-based Universal-Invetment fund and the Munich-based XAIA Investment (founded last November by Assénagon alumni) will provisionally no longer be accepting subscriptions to their XAIA Credit Debt Capital fund, whose assets have increased form EUR243m at the beginning of the year to over EUR750m currently.The strategy is not scalable at will since the portfolio is invested in a targeted manner in special situations in the structure of capital of issuers. In other words, supplementary subscriptions may lower the rate of exposure to too low a level, so a closure to new subscriptions is intended to avoid a dilution of profitability for current shareholders.The three existing XAIA funds are now closed, as the fist two, XAIA Credit Basis (launched in April 2009) and XAIA Credit Basis II (launched in January 2010) had previously been closed.XAIA (EUR2.7bn in assets), which deploys market neutral strategies, says that the XAIA Credit Debt Capital fund, launched in September 2011, as of 19 September had earned returns of 9.42% with volatility of 1.83%.

La Française AM at the beginning of Septemebr cut the fees for all funds of its alternative multi-management range, which have assets of slightly over EUR600m, by about 50%, the affiliate of Crédit Mutuel Nord Europe announced on Monday at a press conference. LFP Stratégie Actions, a long/short fun, has seen its fees reduced from 1,60% to 0.80%, while LFP Alteram Event, a thematic fund, has been reduced from 1,60% to 0.75%, and the LFP Alteram Multi Arbitrates, a market neutral fund, is reduced from 1.35% to 0.65%. The three funds still have performance fees. “It makes us more competitive,” says François Rimeu, deputy head of diversified multi-management and alternative management at the asset management firm. La Française AM is clearly hoping to gain from the current rebount in interst in alternative management being observed worldwide, in a context of low interst rates, which it considers favourable for this type of management. As of 31 July, assets under management by hedge funds worldwide reached their highest level in the past five years, at USD1.97tn, according to estimates by BarclayHedge and TrimTabs Investment Research.

The range of seven British and Luxembourg-registered Maximiser funds (USD3.9bn in assets as of the end of August) has gained a new fund, Schroder ISF Asian Dividend Master, which aims for regular monthly returns corresponding to 7% per year. It will invest in high yielding equities from the Asia-Pacific region (ex Japan) and will use the same two-pronged strategy as the other Maximiser funds, which adds an overlay of covered call options to an actively-managed portfolio of Asian higher yielding equities and a market capitalisation of over USD2bn.The Schroder ISF Asian Dividend Maximiser is managed by the same team as the British version, led by Thomas See, head of structured fund management, who is responsible for the overlay strategy, while Richard Sennit is manager of the Schroder Asian Income Fund, responsible for stock-picking.Schroders states that a portion of the portfolio will be left without call options, which will allow the management team to invest in equities and markets where options activity is more limited, or in which the potential for appreciation may be particularly high.CharacteristicsName: Schroder ISF Asian dividen Maximiser (A shares, accumulation)Date of launch: 18 September, 2013Base currency: USDBenchmark inde: MSCI AC Pacific ex Japan (NDR)Front-end fee: maximum 5%Management commission: 1.50%

From 13 September, Allianz Global Invetors (AGI) has released the Luxembourg-registered fund Allianz Global Small Cap Equity Fund, specialised in small caps from the entire world and launched in June, to German and other European retail investors, AGI announced on 23 September. The product had previously been available only to institutional investors.The portfolio may include up to 190 securities, equities in companies with a capitalisation equal to or higher than USD400m. It is managed by Andrew Neville, who is head of the strategy, which returned 28% between March 2011 and the end of August 2013. For this US dollar-denominated fund, AGI uses the best ideas from four of its independent management teams, while ensuring that regional weightings correspond to those of the MSCI World Small Cap Index Total Return.CharacteristicsName: Allianz Global Small Cap Equity FundISIN code: LU0963586101Management commission: 1.75%Administrative fees: 0.30%

Aberdeen Asset Management has announced the launch of two bond funds entitled Aberdeen Global – World Government Bond fund and Aberdeen Global – Frontier Markets Bond Fund. The Aberdeen Globl – World Government Bond fund allows exposure to international government bonds. “The fund will limit its exposure to non-investment grade debt and will seek to maximise its absolute returns via issues of investment grade government bonds, which will continue to have near-zero default rates,” a statement says.The asset mangement firm adds that the performance of the fund will be comparable to that of a benchmark index weighted by GDP. As a result, the fund will strongly prefer growing economies which generate high income (via higher returns), whiel repsenting a lower public debt as a percentage of GDP,” Aberdeen AM says. The fund has already received a seed subscription of about USD75m from an institutional investor. It will be managed by the Global Macro team at Aberdeen, led by Jozsef Szabo. The minimal initial investment in the fund is set at USD1,000.For its part, the Aberdeen Global – Fronteri Markets Bond fund will invest in a variety of frontier bond markets in sub-Saharan Africa, Central America and Asia. The fund, which has received an internal initial subscription of USD10m, will bemanaged by the emerging market debt team, led by Brett Diment.

Dag Rodewald, head of sales trading at Commerzbank, will on 1 October join UBS Global Asset Management Deutschland as director of sales for ETFs in Germany, a newly-created position.

The De Pury Pictet Turrettini & Cie S.A. company, a specialist in wealth management, family office and wealth management advising, has announced the recruitment of Dominique Habegger as head of institutional management, with the objective of scaling up its SRI approach. The firm manages about CHF2.5bn in assets for private and institutional clients, a statement says.

According to information obtained by Newsmanagers, the head of BNP Paribas Investment Partners, Philippe Marchessaux, on the evening before the weekend internally announced the global organisation of the asset management firm. It is a new organisation into business lines, which could be focused around two areas of activity, institutional and retail. This new configuration is intended to signify the end of the multi-boutique model at the Investment Partners unit, which is considered too costly and which has also already been modified, as with the sale of Fauchier Partners at the end of 2012 to Legg Mason, and the internalisation of activities at Fundwuest. The details of the new architecture may be unveiled in the next few days. The CEO of BNP Paribas, Jean-Laurent Bonnafé, at the end of July announced at a presentation of quarterly results that asset management, which accounted for EUR375bn in assets as of the end of June 2013, represents a strategic area for the group, with three priority areas for development, institutional clients, retail clients, and private banking, and emerging markets.

On 23 September, UBS announced that it has raised and closed an impact investing fund investing in private equity in small and mid-sized businesses in emerging and frontier markets, which, according to the Swiss firm, would be the first product of its type launched by a bank. The volume is slightly over CHF50m.The Impact Investing SME Focus Fund is a fund of funds managed by an independent investment adviser, Obviam, a specialist in long-term investment in emerging and frontier markets.The fund will buy stakes in the capital of privately-held SMEs via underlying funds. Investments will be carried out in sectors and businesses which are leading social and environmental change (health, education, access to finance, basic infrastructure, sustainable agriculture and forestry).The fund has already made its first investment in a fund specialised in education in India.