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02/09/2013

Le contrôleur des biens publics chinois visé par une enquête

Le gouvernement chinois a annoncé dimanche l’ouverture d’une enquête contre le directeur de la Commission d’administration et de contrôle des biens publics (Sasac), soupçonné de «graves violations à la discipline». Jiang Jiemin, qui a été nommé à la tête de la Sasac en mars dernier, présidait auparavant la China National Petroleum Company (CNPC), dont quatre autres cadres de haut rang font l’objet d’une enquête.
02/09/2013

Bruxelles vise les fonds monétaires

La Commission européenne veut obliger les fonds monétaires à utiliser des notations internes et à cesser de se reposer sur les agences, selon un projet provisoire de règlement consulté par L’Agefi. Le texte s’inscrit dans la feuille de route de Bruxelles pour réguler la finance de l’ombre.
02/09/2013

Le G20 prêt à afficher son pessimisme

D’après un projet de communiqué que s’est procuré l’hebdomadaire allemand, le G20 estime que la reprise économique est plus faible qu’attendu et que des risques baissiers demeurent. Le document évoque notamment l’incertitude liée à la politique budgétaire américaine ou celle relative à l’union bancaire. Le G20 se réunit en fin de semaine à Saint-Pétersbourg.
30/08/2013

Les dépenses des ménages marquent le pas en juillet aux Etats-Unis

Les dépenses de consommation ont à peine augmenté en juillet aux Etats-Unis et l’inflation est restée modérée, de quoi inciter à la prudence alors que la Réserve fédérale envisage de réduire ses rachats d’obligations. Les dépenses des ménages ont augmenté de 0,1% seulement le mois dernier, avec un chiffre étale pour les services et une baisse des achats de biens durables comme les voitures.
30/08/2013

L’AFT dévoile son programme d'émission hebdomadaire

L’Agence France Trésor a annoncé l’adjudication, le lundi 2 septembre, d’un montant global compris entre 6,4 et 7,6 milliards d’euros de bons du Trésor (BTF). Cette opération portera sur des montants compris entre 3,6 et 4,0 milliards d’euros de BTF à 13 semaines, entre 1,5 et 1,9 milliard d’euros de bons à 24 semaines et entre 1,3 et 1,7 milliard d’euros de bons à 50 semaines. Le jeudi 5 septembre, elle adjugera un montant compris entre 7,5 et 8,5 milliards d’euros d’obligations assimilables du Trésor (OAT). Cette opération portera sur les lignes 3,25% octobre 2021, 1,75% mai 2023 et 3,25% mai 2045.
30/08/2013

L'Inde évoque une intervention concertée des pays émergents

L’Inde est en train de préparer avec d’autres pays émergents une intervention concertée sur les marchés des changes non physiques accusés d’avoir accentué la chute de leurs devises depuis trois mois, a déclaré vendredi un haut responsable du ministère indien des Finances à Reuters. «Ce sera une question de jours plutôt que de semaines. Le Brésil et l’Inde peuvent lancer le mouvement», a déclaré à Reuters Dipak Dasgupta, principal conseiller économique du ministère indien des finances, en évoquant la spéculation sur les marchés à terme non livrables. Un porte-parole de la banque centrale du Brésil a toutefois démenti sa participation à une intervention concertée.
30/08/2013

Le Trésor italien lèvera 10 milliards de dette supplémentaire en 2013

Le Trésor italien empruntera 10 milliards d’euros de plus que prévu en 2013 pour régler des arriérés de paiement, rapporte Reuters. L’Italie verra en conséquence le montant total de son programme d'émission porté à 460 milliards d’euros environ contre 450 milliards précédemment.
30/08/2013

SSgA preparing an ETF “beyond BRIC”

IndexUniverse repors that State Street Global Advisors (SSgA) has filed with the SEC for an ETF entitled SPDR MSCI Beyond BRIC ETF (acronym: EMBB), whose total expense ratio has not yet been set.The fund will replicate the MSCI Beyond BRIC index, and will use the American or Global Depositary Receipts from issuers in countries other than the BRIC countries (Brazil, Russia, India and China).The companies are in the following countries: South Africa, Chile, Colombia, South Korea, Egypt, Hungary, Indonesia, Malaysia, Morocco, Peru, the Philippines, Poland, the Czech Republic, Thailand and Turkey.
30/08/2013

FSB lays out framework for shadow banking regulation

The Financial Stability Board (FSB) published on August 29 policy recommendations to strengthen the oversight and regulation of the shadow banking system. The FSB has focused on five specific areas in which policies are needed to mitigate the potential systemic risks associated with shadow banking, including interactions between the regular banking system and the shadow banking system, money market funds, securitisation, securities lending and repo, and other shadow banking entities and activities. As far as other shadow banking policy areas are concerned, the Basel Committee on Banking Supervision will complete its work in 2014, and the International Organization of Securities Commissions has already set out final policy recommendations for money market funds and securitisations in its reports Policy Recommendations for Money Market Funds and Global Developments in Securitisation Markets. However, the Council yesterday published a specific document for securities lending and repo, particularly the treatment of “haircuts” which are not subject to centralised clearing – which is subject to an open consultation until 28 November 2013. The fifth section, on risks posed by other shadow banking activities, has also been the subject of a dedicated document. The council will meet with the G20 in November 2014 to report on its complementary work and to provide a follow-up report on shadow banking.
30/08/2013

Deka Immobilien makes two acquisitions

Deka Immobilien GmbH has recently acquired the office complex Rheinwerk II (16,300 square metres) in Bonn, and the mixed office and commercial Edisonhöfe building (27,500 square metres, including 22,000 square metres of office space) in Berlin, for undisclosed amounts.In the first case, the vendor is KGAL GmbH, and the corresponding property will be added to the institutional real estate fund Domus-Deutschland, which has recently been launched, and which will specialise in properties with a total unit value of EUR20m to EUR70m.The Berlin property was acquired from the developer Havika Lofthaus-Development; it will be added to the portfolio of the open-ended real estate fund WestInvest ImmoValue, which is reserved for institutional investors.
30/08/2013

KGAL offers “aviation” closed-end fund to institutionals

The Bavarian firm KGAL has announced the launch of the Aviation Portfolio Fund I, its first closed-end fund for institutional investors as part of its “aviation” product range, whose assets total EUR5.7bn. The fund will invest for 10 years in leasing contracts for passenger aircraft, with the objective of attaining a total volume of EUR200m to EUR400m, with 50% leverage.The fund is intended to achieve an internal rate of return of 6.5% per year, and minimal subscription is set at EUR5m.Management will be carried out by GOAL German Operating Aircraft Leasing GmbH & Co KG, a joint venture of KGAL and Lufthansa.As of the end of December 2012, assets at KGAL, which is controlled by Commerzbank, BayernLB, Haspa Finanzholding and Sal. Oppenheim, totalled EUR25.1bn.
30/08/2013

Strong sales and record assets for British funds

In July 2013, British funds posted net subscriptions of GBP2.2bn, the highest since April 2011. This is the third time this year tht net inflows have exceeded GBP2bn, with most of these inflows going to equity funds, with GBP1.4bn, the highest level since December 2010, according to the Investment Management Association (IMA).Meanwhile, assets as of 31 July have set a new all-time record of GBP743.9bn, compared with GBP715.58bn as of the end of June, and a previous record of GBP740.68bn as of the end of May.Net subscriptions to ethical funds in July were at their highest level since April 2011, with GBP37m, compared with GBP11m in June, and their assets as of the end of the month set a record at GBP8.69bn, which represents only 1.2% of total assets under management by British funds.Funds domiciled abroad posted net inflows of GBP282m in July, after net outflows of GBP489m in June, and their total assets as of 31 July came to GBP56.54bn, compared with GBP55.04bn as of the end of June, and GBP47.4bn one year previously.
30/08/2013

Korean pension fund seeks a CIO

The Korean pension fund NPS, or National Pension Service, whose assets under management total about USD360bn, is officially seeking a chief investment officer, Asian Investor reports. The announcement comes at a time when NPS has announced that it intends to increase its assets by 67% ot USD600bn by the end of 2018, through a new and more aggressive allocation plan. The fund estimates that it is already on track to top USD390bn by the end of this year, which would make it one of the largest pension funds on the planet.
30/08/2013

Progression de plus de 50% de l'ANR de Wendel au premier semestre

La société d’investissement Wendel a dégagé au premier semestre un bénéfice net en chute de 55,4%, à 323,4 millions d’euros, du fait d’une comparaison défavorable avec celui de la même période de 2012, gonflé par la vente de Deutsch, selon un communiqué publié le 29 août..L’actif net réévalué (ANR) affiche en revanche une progression de 50,4% sur un an et de 17,4% depuis le début de l’année, profitant de la progression du cours des groupes dans lesquelles la société d’investissement détient une participation. Au 20 août, il ressortait à 136,4 euros par action, son plus haut niveau historique. A la même date, le titre de la société affichait par rapport à lui une décote de 35,1%.
30/08/2013

Morningstar Credit Ratings has a new chairwoman

Vickie Tillman, senior vice president of global strategy-sustainability for the global strategy group at McGraw-Hill, after 30 years in ratings at Standard & Poor’s, has been appointed as president of Morningstar Credit Ratings LLC, replacing Haywood Kelly, who had served in this position in the interim since Novemebr 2012. The new recruit, who will begin in her role on 3 September will also report to Kelly, senior vice president of equity & credit research at Morningstar.
30/08/2013

Profits at Liechtensteinische Landesbank down 77.7%

As announced in advance more than a month ago (see Newsmanagers of 19 July), one-time factors related to the settlement of lawsuits with the US tax authorities, an amortisation of goodwill at swisspartners, the closure of LLB Switzerland and provisions for restructuring reduced net profits at Liechtensteinische Landesbank (LLB) in first half 2013 by 77.7%, to CHF13.6m, compared with CHF60.9m in the corresponding period of last year.As a result, the cost-income ratio has deteriorated to 70.2%, compared with 58.5%. However, excluding one-time factors, operating revenues have increased by 8.2%, while operating expenses have fallen by 6.9%. Excluding one-time factors, net profits total CHF72m.LLB has not ultimately posted net subscriptions of CHF210m, but net outflows of about CHF400m in the first six months of the year. As of 30 June, total assets were nonetheless up by 1.2% due to market appreciation, for a total of CHF50.5bn.
30/08/2013

Citic increases stake in China AMC to 59%

As regulations in effect since December 2011 have been amended, CITIC Securities has been authorised to take over a majority stake in the asset management firm China AMC. As a result, CITIC increases from the previous ceiling of 49% to 59%, with an acquisition of 10% of capital in China AMC from Wuxi Guolian for CNY1.6bn, Z-Ben Advisors states. The second-largest shareholder is South Industry Asset Management, with 11%.
30/08/2013

Fund manager leaves Mirabaud

Mirabaud Asset Management has confirmed the departure of Malcolm White, a manager specialised in global equities based in Geneva, Citywire reports. White joined the firm in 2008, and was co-manager of the Mirabaud – Equities Global fund since its launch in December 2010. The fund will be taken over by Anu Narula, who joined Mirabaud AM in June.
30/08/2013

BSI posts a net inflow of CHF2bn in first half

The Banca della Svizzera Italiana (BSI) in first half posted net inflows of CHF2bn, up 5% year on year, according to a statement released by BSI on 29 August. Assets under management rose 3.7% as of 30 June, to a total of CHF89.4bn, comapred with CHF86.4bn as of the end of December 2012. Net profits were down, however, by 15%, to CHF36.2m, largely due to an increase in provisions and an increase in owners’ equity.
30/08/2013

1/4 of Swiss private banks may disappear in the next 3 years

In 2012, Swiss private banks added an average of 4% to their assets under management compared with the previous year, through good performance of investments, according to a study by KPMG and the University of Saint-Gall. But more than one quarter of private institutions are expected to disappear in the next three years.The situation remains critical for institutions which have wealth under management of less than CHF5bn. As a consequence of the rising tide of liquidations affecting smaller establishments, the number of private banks last year fell by 13 in Switzerland, to 148. KPMG also predicts that due to constant pressure from abroad, 25% to 30% of these will disappear in the next three years.
30/08/2013

Open-ended funds on sale in France show H1 outflows of over EUR29bn

On the European market, open-ended funds on sale in France in first half have posted outflows of EUR29.11bn, according to statistics from Lipper. However, Italy, Spain and Germany have posted inflows of over EUR7bn, with EUR7.38bn for Italy, EUR7.33bn for Spain and EUR7.12bn for Germany. Sweden follows close behind, with slightly over EUR6bn. Overall, open-ended funds on sale in Europe in first half posted net inflows of EUR109.6bn, after net inflows of EUR83.2bn in first half 2012. Most of these inflows came in first quarter, with a total of EUR109.3bn, In June, the Federal Reserve announced that it would be gradually phasing out its quantitative easing programme, leading to outflows of EUR28bn from bond funds.

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