Le gouvernement revoit ses prévisions de déficit à la hausse
Le déficit budgétaire sera de 4,1% du PIB cette année et de 3,6% en 2014. Bercy promet de mettre l'accent sur les économies dans le prochain budget
La rentrée s'annonce active pour l'investissement en immobilier d’entreprise
Le niveau des engagements en France devrait à nouveau avoisiner les 16 milliards d’euros sur l'ensemble de l'année 2013, anticipe CBRE
La périphérie souffre des tensions sur le marché francilien des bureaux
La proche Couronne enregistre une chute des surfaces commercialisées d’au moins 50%, pour une demande placée en Ile-de-France en baisse de 24%
Les efforts consentis par les autorités indiennes commencent à porter leurs fruits
Sous l'effet des mesures mises en place par le nouveau gouverneur de la RBI, la roupie a signé un rebond de 6,1% contre dollar en quatre séances
La Française grandit à international
La filiale de gestion du Crédit Mutuel Nord Europe prend 25% du capital du gérant immobilier britannique Forum Partners, spécialisé dans la dette immobilière, et crée un joint-venture dans l’investissement direct. Signe de cette internationalisation, son pôle immobilier sera transféré à Londres.
La Française passe le cap de l'immobilier international
La filiale du Crédit Mutuel Nord Europe prend 25% du capital de Forum Partners. Son pôle immobilier sera désormais localisé à Londres
L'imposition des entreprises sera réformée en 2014
Le gouvernement engagera dans le projet de budget 2014 une évolution de l’imposition des entreprises pour qu’elle pèse moins sur les facteurs de production, ont confirmé les ministres de l’Economie et du Budget. Bernard Cazeneuve a annoncé la création d’un impôt assis sur l’excédent brut d’exploitation (EBE) des entreprises «qui montera en puissance progressivement» et la suppression concomitante de l’imposition forfaitaire annuelle, d’un montant de l’ordre du milliard d’euros. Il n’a pas donné de détails, notamment sur le montant de la taxe sur l’EBE dont le taux pourrait être proche de 3%.
Verizon s'apprête à boucler son émission record
En leur offrant des conditions généreuses, l’opérateur télécoms a attiré les investisseurs en nombre pour son émission obligataire de 49 milliards de dollars. Selon Reuters, les ordres ont totalisé plus de 100 milliards de dollars pour cette opération en huit tranches et couvrant six maturités différentes. Face à cet afflux, une tournée des investisseurs prévue en Europe a été ajournée. Pour la tranche à 10 ans, d’un montant de 11 milliards de dollars, le rendement potentiellement offert dépasse les 5%, contre 4,52% hier pour des titres similaires, indique Bloomberg. L’opération de Verizon dépasse de loin celle d’Apple en avril dernier (17 milliards de dollars).
L'examen de la loi sur la transition énergétique est reporté à 2014
La présentation au Parlement de la loi de programmation sur la transition énergétique en France, initialement prévue à l’automne 2013, a été repoussée au printemps 2014, a annoncé Philippe Martin, le ministre de l’Ecologie. La loi doit notamment déterminer comment la France réalisera la promesse de campagne de François Hollande de baisser de 75% à 50% la part du nucléaire dans la production d'électricité et de développer massivement les énergies renouvelables.
11/09/2013
PowerShares Canada launches two volatility funds
PowerShares has launched two mutual funds on the Toronto Stock Exchange, which offer investors wider access to ETFs.The PowerShares Canadian Low Volatility Index Class and PowerShares US Low Volatility Index Fund offer investors exposure to portfolios of less volatile equities than the major indices.
11/09/2013
KBL epb appoints Group CIO
KBL European Private bankers (KBL epb) has announced the appointment of Stefan Van Geyt to the position of Group Chief Investment Officer. With solid experience in the financial services sector, he will be based in Luxmebourg.For the past six years, Van Geyt has served as Chief Investment Offier for Belgium at BNP Paribas Fortis, where he supervised all investment activities for the Private Banking division in Brussels. With a team of 125 prodessionals, including 60 portfolio managers, he has been responsible for developing a range of products and discretionary management and advisory mandates.
PowerShares Canada lance deux fonds de volatilité
PowerShares vient de lancer deux mutual funds à la Bourse de Toronto qui proposent aux investisseurs un accès plus large aux ETF.Power Shares Canadian Low Volatility Index Class et PowerShares US Low Volatility Index Fund offrent aux investisseurs une exposition à des portefeuilles actions moins volatils que les grands indices.
11/09/2013
Tikehau IM scoops EUR700m in net sales YTD
Tikehau IM on September 9th disclosed that its assets under management at end-August have been north of EUR2bn, of which more than EUR700m in net sales for its closed-end en open-end funds, co-investment vehicles and mandates.The increase in AUM for the FCP funds has been higher than 60 % year to date. The Tikehau Crédit Plus, a high yield fund, has reached EUR110m while the Tikehau Taux Variables is now over EUR120m.The asset manager also said that it has gained an AIFM license which will allow it to grow faster abroad.
11/09/2013
Cécile Imbert reemerges at Pgc
Cécile Imbert, former manager of Prigest, who in February this year left the asset management firm of Christian Cambier, where she spent nine years, is joining the asset management firm at the PGC group. She will serve as manager responsible for the US portion of equity portfolio management, and will manage the Pgc Amérique fund, a statement says.The Pgc group is composed of two firms, Pgc Société Privée de Gestion et de Conseil and Pgc Colonne Vendôme, and shows a total of about EUR600m in AUM.
11/09/2013
AXA PE adds MD to its Intrasructure team
Axa Private Equity (AXA PE) on Tuesday, 10 September announced the appointment of Juan Angoitia as managing director of its Infrastructure team. The team is based in Paris, and advises or manages USD4bn in assets, a statement says.Before joining Axa Private Equity, the new recruit, who has over 15 years of experience in the infrastructure sector, spent five years at Citi Ifnrastructure Investors (CII) as chief investment officer in London. He managed investments in Kelda, a holding company for Yorkshire Water in the United Kingdom, and at Itinere Infrastructuras SA in Spain.
11/09/2013
Oddo AM hires Neuflize head of convertibles
Oddo Asset Management has hired Luc Varenne, the head of convertible asset management at Neuflize OBC Investissements, and Frédéric Hertault, a fund manager in the same team, to fill the vacant ranks after the departure of Xavier Hoche and Murielle Blanchier, the company confirmed to Newsmanagers after a leak on the H24 Finance website. Hoche and Blanchier left Oddo AM to set up their own company, AltaRocca Asset Management (see Newsmanagers of 06/09/2013), a subsidiary of the Primonial group.Luc Varenne and Frédéric Hertault join the 14-strong Oddo AM’s fixed income team led by Alain Krief in November. The will be in charge of convertible bond funds and mandates, mainly Oddo convertibles Taux, Oddo Convertibles and Oddo Commodities Convertibles. Alain Krief is in charge with the target-date funds Oddo Haut rendement Monde 2018, Oddo Haut Rendement 2017 and Oddo Rendement 2017, with a total EUR1bn in AUM.
11/09/2013
Northern Trust opens office in Riyadh
Northern Trust has opened an office in Riyadh, in Saudi Arabia, in order to better assist the firm’s rapidly-growing Middle Eastern client base in order to take advantage of investment opportunities in the region.The group is present in the Middle East since 1987, and already has an office in Abu Dhabi.
11/09/2013
CQS veteran launches own firm
Alistair Lumsden, which last year left the alternative management firm CQS, where he was reponsible for a USD2.3bn hedge fund aimed at ABS, is in the process of setting up his own firm in London, which may start its activities in 2013, Bloomberg reports.The CQS ABS Fund earned average annual returns of 28% when it was managed by Lumsden, between October 2006 and 2012. Hedge funds dedicated to ABD have earned average returns 9.1% per year during this period, according to statistics from Hedge Fund Research.
11/09/2013
Swedish investors pull out of equity funds in August
Equity funds sold in Sweden have recorded net outflows of SEK1.8bn (EUR207m) in August, according to the Association of Swedish investment funds association Fondbolagens Förening.Outflows were concentrated on Eastern Europe equity funds (-SEK867m), Swedish/global equity funds (-SEK554m) and Asian equity funds (SEK509m). However European equity funds ammassed net inflows of SEK1.12bn.So far in 2013, equity funds have recorded a total net inflow of SEK 17 billion, of which Global funds, North American funds and Sweden funds accounts for the largest net deposits. Investment funds recorded a total net inflow of SEK 1.4 billion in August. Balanced funds recorded net deposits of SEK 1.7 billion and money market funds had a net inflow of SEK 1.3 billion.The total fund assets in Sweden decreased in August by SEK 20 billion and amounted at the end of the month to SEK 2 279 billion. Of the total fund assets, SEK 1 237 billion (equivalent to 54 percent) was invested in equity funds.
11/09/2013
SEB launches microfinance fund
The Swedish bank SEB has launched the SEB Microfinance Fund, which will invest in microfinance institutions worldwide, Dagens Industri reports. The fund, managed by Viktor Andersoon, will be closed in five years. 20 institutions had previously invested in the fund.
11/09/2013
New ETF from Amundi on Euronext Paris
Amundi has launched a bond ETF which has been admitted to trading on Euronext Paris and brings the number of products listed on European markets for the market company. With cross listings, the total is 648.Name: Amundi High Yield EUBenchmark index: Markit iBoxx EUR High Yield 30Total expense ratio: 0.40%
11/09/2013
Verizon to make a USD20bn bond issue
Verizon Communications is expected to turn to the markets for a bond issue of a record USD20bn, Investment Week reports.According to a document submitted to the Securities & Exchange Commission, the telecommunications giant is expected to offer graduated debt over 3 years to 30 years. The proceeds of this borrowing will contribute to financing a total of USD130bn for the acquisition of Verizon Wireless from the firm’s partner in the joint venture, Vodafone.
11/09/2013
EMC awards a custody mandate to State Street
US-based insurer EMC Insurance Companies has outsourced all custody and investment analysis services, with assets of USD4bn, to State Street Corporation. The choice of this provider was made due to its expertise in the areas fo custody, accounting and reporting solutions, says Lisa A. Stange, vice president and chief invesment officer at EMC.
11/09/2013
European investors return to funds
After the strong outflows of June – more than EUR70bn - the European fund industry returned to growth, with net inflows of EUR33.6bn for July 2013, according to Lipper. The asset class with the highest inflows for July was equity funds—stating net inflows of EUR14.8bn, followed by bond funds (+EUR10.8bn) and mixed–asset funds (+EUR8.8bn).As in June money market funds again had the highest net outflows (-EUR1.4bn) for July. Over the course of the year 2013 so far, the European fund industry enjoyed net inflows of EUR149.3bn, driven by net inflows into bond funds (+EUR94.9bn), mixed-asset funds (+EUR57bn), and equity funds (+EUR45.5bn). On the other side of the table money market funds showed the highest net outflows (-EUR52.3bn) for 2013 so far.Single fund market flows showed a mixed picture, with Germany (+EUR2.9bn net), Spain (+EUR 2.7bn), and Italy (+EUR 1.9bn) leading the table, while Belgium (-EUR 1.6bn), Switzerland (-EUR 0.9bn), and Turkey (-EUR 0.6bn) stood on the other side.Finally, BlackRock was the best selling group for long-term funds for July, with net sales of EUR4.3bn, ahead of JP Morgan Asset Management (+EUR1.3bn) and Prudential/M&G (+EUR1.2bn).
11/09/2013
Rapid growth for Real I.S. GmbH
The real estate fund management firm Real I.S. GmbH, an affiliat of the Real I.S. Group, has announced that in three years it has exceeded EUR1bn in assets. This total is expected to increase strongly in the coming months, due to the fact that the business has about EUR1bn to invest. Talks have already been initiated to invest half of it, mainly in Germany and Western Europe. Real I.S. Group, which is a subsidiary of BayernLB, has some EUR8.5bn in total AUM.
11/09/2013
Unigestion hires head of clients for Northern Europe
Unigestion has recruited Jussi Louekoski as director, institutional clients for Northern Europe.Louekoski had previously worked for Capital Dynamica as head of sales for Northern Europe and the Netherlands. During his career, he has also seved as senior head of sales at Amuni, HEX, Northern Trust and Deutsche Bank.“His recruitment underscores the importance which Unigestion attaches to the Scandinavian market, where the firm already has several strategic commercial relationships,” a statement from the Swiss asset management firm says.In his new role, Louekoski will be responsible for the development and management of relationships with clients, we asll as the promotion of the expertise of Unigestion in investment in the Danish, Finnish, Icelandic, Norwegian and Swedish markets. He is based in Zurich.Unigestion had EUR10.2bn in assets under management as of 30 June 2013.
11/09/2013
Axiom AI launches horizon fund investing in financial sector bonds
The asset mangement firm Axiom Alternative Investments has launched Axiom 2018, a target-date fund investing in financial sector bonds (LT2 and senior debt ) issued by major European financial institutions (primarily banks) with a maturity close to December 2018. The fund may also invest in financial sector CDS with equivalent maturity. The fund also pursues a buy & hold logic, but arbitrages have not been ruled out if opportunities present themselves. Currnency risks are hedged.Axiom 2018 offers returns of over 5% per year (excluding potential default rates for the portfolio) on an investment horizon of 5 years, a statement says.CharacteristicsISIN Code: FR0011464361 (C share class)/FR0011464379 (I share class)Front-end fee: 2%Management fees: 1.5% (C share class) / 1% (I share class)Outperformance commission: 10% fort returns exceeding 5% / year
11/09/2013
Ashmore's profits and AUM considerably up
As of June 30th, assets under management at EM specialist Ashmore Group reached USD77.4bn, a 22% yoy increase, while the profit before taxes was GBP257.6m for the fiscal year to end-June, vs GBP243.2m for 2011-2012 (+ 6 %). After tax profit rose 9% to GBP201.6m vs GBP185.7m.Net sales rocketed to USD13.4bn vs USD1.3bn for the preceding fiscal year.
11/09/2013
Allianz Real Estate creates exec position for Europe in Paris
The CEO of Helaba France, Roland Fuchs, has been appointed with effect from 1 October as head of European real estate finance at Allianz Real Estate GmbH, a newly-created position. He will be based in Paris, and will report directly to the CEO, Olivier Piani.With a team of specialists, and in cooperation with locations at Allianz Real Estate in France, Germany, Italy and other European countries, Fuchs will be responsible for developing real estate financing in Europe.