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21/08/2013

La Nouvelle-Zélande poursuit ses privatisations

Dans le cadre de son programme de privatisations destiné à redresser les comptes publics, le premier ministre néo-zélandais, John Key, a indiqué que le pays allait introduire en Bourse en novembre 49% de Meridian Energy, sa plus grande compagnie électrique, dont il conservera 51%, sur le modèle de l’IPO de Mighty River Power. Meridian Energy est valorisée à quelque 6,5 milliards de dollars locaux (4 milliards d’euros) par les analystes.
21/08/2013

Crise politique en République tchèque

Les députés tchèques ont voté hier, à 140 voix sur 200, en faveur de l’autodissolution de la Chambre basse, ouvrant la voie à l’organisation à l’automne d'élections législatives anticipées censées mettre un terme à la crise politique provoquée par la chute en juin du gouvernement de centre droit de Petr Necas. Selon les sondages, les sociaux-démocrates du CSSD sont largement favoris du prochain scrutin.
21/08/2013

La Pologne creuse son déficit budgétaire

Le gouvernement polonais a adopté hier un projet de collectif budgétaire qui augmente le déficit de 16 milliards de zlotys (3,76 milliards euros). Le projet fait en effet état de recettes fiscales inférieures de 23,7 milliards à ce qui était prévu dans la loi de finances pour 2013. En réponse, le gouvernement propose de procéder à des coupes dans ses dépenses de 7,7 milliards, pour limiter l’augmentation du déficit à 16 milliards de zlotys.
21/08/2013

Nasdaq OMX est numéro deux de la compensation de taux en Europe

En atteignant un volume de compensation de swaps de taux d’intérêt en couronnes suédoises (SEK) de 100 milliards (12 milliards d’euros), Nasdaq OMX Clearing devient la deuxième plus importante chambre de compensation en matière de contrat d’échange de taux d’intérêt en Europe. Les swaps de taux d’intérêt en SEK ont été introduits en 2012 et les premiers échanges interbanques réalisés le 22 avril 2013.
21/08/2013

Hausse des encours de crédit aux TPE

Selon les statistiques de la Banque de France, les encours de crédit aux micro-entreprises ont crû de 2,6% sur un an à fin juin 2013. L’encours s’élève à 227,1 milliards d’euros. Sur le seul deuxième trimestre, les établissements de crédit ont accordé 14,1 milliards de crédits nouveaux, contre 12,5 milliards au premier trimestre. Le taux d’intérêt moyen pour les crédits inférieurs à 250.000 euros atteint 3,02% fin juin, un taux inférieur à ceux pratiqués dans le reste de la zone euro.
21/08/2013

Pierre Moscovici comprend la grogne fiscale

Le ministre des Finances s’est dit hier matin très sensible au «ras-le-bol fiscal» ressenti par les citoyens et les entreprises françaises, en confirmant l’objectif de stabilisation des prélèvements obligatoires en 2015. «Dans le redressement nécessaire, nous inverserons les proportions par rapport à 2013 entre les économies qui doivent être prioritaires et les prélèvements obligatoires qui doivent être aussi peu importants, aussi faibles que possible», a-t-il ajouté.
21/08/2013

La Grèce n’est pas au bout de ses peines

Le ministre allemand des Finances a pour la première fois publiquement reconnu hier que la Grèce aura besoin d’un troisième plan d’aide international, conduisant même un responsable grec à réagir en précisant que les sommes nécessaires seraient beaucoup moins importantes que celles des deux précédents plans. De quoi faire bondir hier de 27 points de base le rendement des obligations à 10 ans de l’Etat grec qui a ainsi atteint un plus haut de trois semaines, se tendant à 10,066%. «La Grèce et ses créanciers passent en revue les différentes manières de boucher les éventuels trous dans les besoins de financement auxquels la Grèce pourrait être confrontée au cours des prochaines années», a indiqué à Reuters un responsable du ministère grec des Finances. Le mois dernier, le Fonds monétaire international (FMI) a estimé à quelque 10,9 milliards d’euros les trous dans le plan de financement de la Grèce sur 2014-2015.
21/08/2013

La RBI injecte des liquidités

La banque centrale indienne a indiqué hier soir qu’elle comptait racheter vendredi pour 80 milliards de roupies (940 millions d’euros) d’obligations d’Etat. D’autres rachats éventuels pourront intervenir en fonction de l’évolution des marchés, a précisé la RBI. Une mesure qui vise à ce que les taux et les flux de crédits distribués dans les secteurs productifs de l'économie ne soient pas trop atteints par les dispositions prises ces derniers jours pour resserrer les conditions monétaires.
21/08/2013

Erreur d'ordres sur les options américaines

Les opérateurs américains d’options sur actions (NYSE Amex, le Nasdaq et le CBOE) ont passé en revue toute une série d’erreurs d’ordres qui se seraient déroulées hier, juste après la clôture des marchés, dont une bonne partie aurait d’ailleurs été annulés, indique le Wall Street Journal. Une erreur de saisie dans les symboles des options traitées serait à l’origine de cet incident.
21/08/2013

NYSE choisit ses banques pour l’IPO d’Euronext

NYSE Euronext, l’opérateur boursier racheté par IntercontinentalExchange (ICE) aurait choisi JPMorgan Chase et la Société Générale pour gérer l’introduction en Bourse de sa filiale européenne, indique Bloomberg. Une part d’Euronext pourrait être cédée dès cette année et rapporter environ 750 millions d’euros au groupe, même si sa taille n’a pas encore été fixée.
21/08/2013

Les rendements allemands font débat

Malgré la légère détente d’hier, les rendements à 10 ans des obligations allemandes ont pris plus de 15 points de base en moins d’une semaine, pour toucher en séance 1,9%, un niveau jamais atteint depuis mars 2012. Une correction amplifiée par la faiblesse des volumes, mais jugée trop violente par de nombreux analystes au regard de la fragilité de la reprise économique en zone euro.
20/08/2013

RBC Wealth recruits for its credit team in London

The asset management firm RBC Wealth Management, an affiliate of the Royal Bank of Canada, has announced the recruitment of two specialists for its credit team in London, to serve in newly-created positions and to develop innovative credit solutions. Victoria Riding has been appointed as director in charge of credit solutions for ultra high net worth (UHNW) clients. She had previously worked at Bank of America Merrill Lynch, where she had been director in charge of credit structuring for continental Europe. Sarah Hunter, who had previously worked as legal counsel at HMV Group, has been appointed as director, credit products and services, and will be responsible for legal aspects of structuring. She will also be involved in regulatory projects.
20/08/2013

British wealth management firm launches its first retail fund

The British boutique Cerno Capital Partners, a specialist in wealth management, will on 4 September launch its first retail fund, the Cerno Select fund, with starting capital of GBP30m, Investment Week reports. The multi-asset class fund will be domiciled in Dublin, and will join the “Mixed Investment 40-85%” equities sector of the IMA. The fund will invest about 70% of its assets in equities, with the ability to vary the exposure from 40% to 85%. The firm, whose assets under administration total GBP420m, has previously created a similar strategy, the Cerno Global fund.
20/08/2013

Standard Life Investments closes a bond fund

Standard Life Investments has decided to close its bond fund dedicated to the euro zone, the SLI Glo SICAV Euro Government Bond fund, whose assets under management have declined significantly, Citywire reports. Assets in the fund, domiciled in Luxembourg, as of the end of May totalled EUR1.9bn, and according to Lipper, had fallen below EUR100,000 just prior to its closure. The fund was launched in early 2005.
20/08/2013

US authorities launch further investigations of JP Morgan Chase

The US Attorney General is launching a new investigation to determine whether JPMorgan Chase bank manipulated energy prices, according to the Wall Street Journal. The Attorney general has decided to launch an investigation in the past few weeks, at a time when JPMorgan Chase was finalising an out-of-court settlement with another government agency, the energy regulator FERC, the financial newspaper explains, citing sources familiar with the matter. The US authorities also suspect the US bank of recruiting the children of influential Chinese leaders in order to win contracts in the country, the New York Times reports. An investigation has been initiated by the anti-corruption unit at the Securities and Exchange Commission (SEC) to verify the allegations, the newspaper states, citing a confidential US government document.
20/08/2013

Hedge fund manager admits wrongdoing

The hedge fund manager Philip Facone has admitted wrongdoing as part of a settlement with regulators, the Wall Street Journal reports. Falcone and his hedge fund firm, Harbinger Capital Partners, will pay over USD18m, and Falcone will no longer be permitted to operate in the securities industry for at least five years. This is the first time that an individual or company has admitted fault in a settlement with the SEC. The settlement puts an end to two SEC lawsuits claiming that Falcone and his company deceived investors on the subject of a personal loan of USD113m which Falcone issued himself from a fund in order to pay his own taxes, at a time when other investors were not allowed to withdraw their money.
20/08/2013

Activist investors improve the fate of businesses

The economic profitability of businesses improves after funds make an incursion into their capital, according to several pieces of research into the effects of hedge fund activism, Les Echos reports. This is particularly true of hostile operations which are subject to strong opposition and great resistance by the management of the businesses, which represent one out of five activist operations on average. Contrary to conventional wisdom, activism increases neither the vulnerability nor the fragility of businesses. Firms which were targeted by activist investors before the 2008 crisis had fewer problems (profits, bankruptcy, etc.) than other businesses thereafter.
20/08/2013

Investors less interested in emerging market equities

Investors’ interest in emerging market equities appears to be on the decline, although flows remain positive. The growth of assets dedicated to emerging market equities is much less rapid than in the years 2010, 2011 nd 2012, according to the eVestment database dedicated to institutional investment, IPE reports. In second quarter 2013, the growth rate for these assets still totalled 16%, or 1.8% less than in the first quarter of the year. But between fourth quarter 2008 and first quarter 2012, the growth rate for emerging market equities has always remained above 20%, peaking at 30.9% in first quarter 2009. Last year, the growth rates in second, third and fourth quarters came to 18%, 20% and 19.5%, respectively. The database also reveals that manager replacement activity began to increase in 2011, and remained high throughout 2012. This is a classic phenomenon when an asset class reaches a certain level of maturity, eVestment comments. In this environment, net inflows are increasingly modest, and have been overtaken by assets related to manager substitutions. In second quarter 2013, only 53.5% of the growth in emerging market equities was due to net inflows, comapred with 59.6% in second quarter 2012, and 65.8% in second quarter 2011.
20/08/2013

Vanguard ranks first for global sales

In first quarter, Vanguard has taken the top three places in the rankings for the best-selling funds in the world, according to Strategic Insight, cited by Financial Times Fund Management. The Total Stock Market Index fund has attracted a net USD13.2bn, while the Vanguard 500 Index fund has attracted USD4.2bn. USD12.4bn have been invested in the Vanguard Total Bond Market II Index fund, and USD11.7bn in the Vanguard Total International Stock Index fund.
20/08/2013

Sean Taylor leaves Pioneer to join Deutsche Asset & WM

Deutsche Asset & Wealth Management on 19 August announced the appointment of Sean Taylor as head of emerging market equities. Taylor, who had previously worked at Pioneer Investments as head of Global Emerging Markets (GEM) equities, will be responsible for all strategies, products and teams dedicated to emerging markets. Taylor, who will be based in London, will report to Randy Brown and Asoka Wöhrmann, co-chief investment officers at DeAWM.
20/08/2013

Mediobanca appoints a head for its Alternative Asset Management unit

Paolo Cuniberti has been appointed as head of Mediobanca Alternative Asset Management, the new platform launched by the Italian firm to profit from a reduction in banking intermediation and the growing role of institutional investors, Advisor Online.it reports. Cuniberti, who has been working at the bank since 2007, is the head of Mediobanca Securities in London. He will assemble teams in private equity, private debt and non-performing loans.
20/08/2013

Russian capital continues to flow to tax havens

In first quarter 2013, Russian companies placed sums exceeding 50% of everything they sent in the entire previous year abroad, eqivalent to USD67.8bn, according to statistics from the Russian central bank, Le Temps reports. In first quarter 2012, capita outflows totalled only USD11.4bn. The Cypriot crisis had a major impact on Russian habits, and capital has been crossing the Atlantic to the British Virgin Islands, which have posted unprecedented inflows, with nearly half of all inflows USD31.7bn), eight times more than in 2012. Luxembourg is the second favourite destination for Russians (USD14bn), followed by the United Kingdom (USD11bn). Switzerland places far behind, with USD157m. Russian economists state that factors which stimulate tax evasion to offshore tax havens are a feeling of vulnerability on the part of business people with respect to the bureaucracy, and corruption. Two short-term factors which have been observed in the past few months come in addition to these: slowing economic growth and an unexpected end to the privatisation programme.
20/08/2013

Norway's Skagen to sell funds in Belgium

The Norwegian asset manager Skagen has received permission from the Belgian Financial Services and Markets Authority (FSMA) to market three funds in Belgium. They include the Norwegian-domiciled funds Skagen Global, Skagen Kon-Tiki and Skagen Vekst.The decision to expand operations into Belgium was based on a growing interest and demand from Belgian investors, Skagen explains. The asset manager plans to develop its footprint in Belgium “in a controlled and measured manner” and will service Belgium remotely from its International office based in Stavanger, Norway.In addition to its home markets in the Nordic countries, Skagen Funds currently markets its funds in Luxembourg, the Netherlands, the UK and Switzerland.
20/08/2013

Calamos recruits two specialists from Aviva Investors

The asset management firm Calamos Investments, based in Chicago, has recruited two high yield bond specialists, Chris Langs and Jeremy Hughes, who had previously worked at Aviva Investors. The two new recruits come as additions to the team specialised in bonds and high yield, led by the eponymous CEO of Calamos.
20/08/2013

S&P Capital IQ plans to sell its research activities

The service provider S&P Capital IQ is planning to sell its research activity, and is studying all strategic alternatives, after a review of its product portfolio, FundWeb reports. The research activity, launched in 1990, covers retail and institutional funds, including hedge funds, absolute return funds, UCITS format funds, and funds of funds.

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