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18/04/2013

KKR fait preuve d’ambition pour Sandro et Maje

Le quotidien rapporte que la société américaine de private equity a signé hier l’acquisition de 65% du capital de SMPC, qui regroupe les trois griffes françaises Sandro, Maje et Claudie Pierlot. «C’est une consécration de travailler avec KKR, la rolls des fonds d’investissement», indique Frédéric Biousse, directeur général de SMPC. L’opération valorise cette dernière à 650 millions d’euros.
18/04/2013

Pékin vise des opérations de trading illicites

Les autorités de régulation chinoises enquêtent sur des transactions de trading réalisées par des opérateurs senior bancaires concernant une obligation émise par un véhicule de financement de collectivités locales, selon le Shanghai Securities News. Certains investisseurs empruntent aux banques pour acheter des titres, mais laissent une autre institution détenir les titres, explique le journal.
18/04/2013

Jens Weidmann laisse espérer une baisse de taux

La Banque centrale européenne pourrait abaisser davantage ses taux d’intérêt si les données économiques le justifiaient, a déclaré mercredi le président de la Bundesbank, Jens Weidmann, cité par le Wall Street Journal. Ses propos ont fait tomber l’euro à un plus bas du jour de 1,3046 dollar, en repli d’environ 1%, alors que les futures sur les Bunds allemands montaient en flèche. «Nous pourrions ajuster (le taux de refinancement) en réponse à de nouvelles informations», tout en ajoutant ne pas penser que la position de la BCE en matière de taux «soit la question principale». Les économistes attendent en mai ou juin une baisse du refi, aujourd’hui à 0,75%, alors que l’inflation est tombée à 1,7%. Jens Weidmann a par ailleurs estimé que la Banque européenne d’investissement (BEI) dispose de meilleurs outils que la BCE pour restaurer le canal du crédit aux PME. Il juge enfin qu’il faudra une décennie à la zone euro pour surmonter la crise.
18/04/2013

Bercy promet un effort à 20 milliards

Le gouvernement s’engage dans son programme de stabilité à ramener le déficit à 2,9% du PIB en 2014. Un effort censé être réalisé à 70% via des économies.
17/04/2013

La BCE pourrait baisser ses taux, dit Jens Weidmann

La Banque centrale européenne pourrait abaisser davantage ses taux d’intérêt si les données économiques le justifiaient, a déclaré mercredi le président de la Bundesbank, Jens Weidmann, cité par le Wall Street Journal. Interrogé sur les taux, Jens Weidmann a répondu : «nous pourrions ajuster en réponse à de nouvelles informations», tout en ajoutant ne pas penser que la position de la BCE en matière de taux «soit la question principale».
17/04/2013

SWIP manager leaves for Jupiter

P { margin-bottom: 0.08in; }A:link { } Jamues Clunie, a British equity manager at Scottish Widows Investment Partnership, will be joining Jupiter Asset Management, Investment Week reports. He will help the firm to develop its total return and long/short equity product ranges.
17/04/2013

IOSCO consults on principles for financial benchmarks

The International Organization of Securities Commissions (IOSCO) published on April 16 a consultation paper on Principles for Financial Benchmarks, which seeks public comments on a set of high-level principles for benchmarks used in global financial markets.Because of the wide diversity of benchmarks, IOSCO also is asking for public comment on a subset of more detailed principles for benchmarks having specific risks arising from their reliance on submissions and/or their ownership structure.“The Principles proposed today extend the existing work conducted on LIBOR and other reference rates to a wider set of benchmarks. This is a key step in strengthening confidence and integrity of financial markets,” Martin Wheatley, the chief executive of the UK Financial Conduct Authority (UK FCA), said.The closing date for responses is Thursday 16 May 2013.
17/04/2013

AIFM: French regulator encourages asset managers to submit license applications

P { margin-bottom: 0.08in; }A:link { } The French market regulator, the Autorité des marchés financiers (AMF), is encouraging asset management firms which have already complied with all requirements of the alternative investment fund managers (AIFM) directive, to submit their license applications under the AIFM directive “as soon as possible,” so that the first licenses can be issued by 22 July 2013, when the bill comes into effect. The call comes with a guide to assist existing asset management firms, published on Tuesday. The document is intended to assist asset management firms anticipating the transposition of the AIFM directive, and gives very concrete replies to any questions they may have. The AMF is also making available a dedicated email address, at aifm@amf-france.org. Lastly, in the next few weeks, it will publish a guide to the relevant funds under the AIFM directive. The guide can be found here: http://www.amf-france.org/documents/general/10799_1.pdf
17/04/2013

Deka sells a property to Midi 2i

P { margin-bottom: 0.08in; } The German asset management firm Deka Immobilien has announced that it has sold the Woodparc office buliding (12,700 square metres) to Midi 2i, an affiliate of the BPCE banking group. The property had been in the portfolio of a Deka institutional real estate fund. It is located in south-western Toulouse, and is almost entirely leased to EDF.
17/04/2013

ProShares replaces an MSCI Index with a FTSE index for two funds

P { margin-bottom: 0.08in; } ProShares has decided from 17 April to change the MSCI benchmark index for two of its leveraged ETFs, the ProShares Ultra MSCI Europe ETF (NYSE Arca ticker: UPV) and its inverse counterpart, ProShares UltraShort MSCI Europe ETF (EPV), to the FTSE Developed Europe Index, Index Universe reports.The funds will retain their double long (UPV) and short (EPV) leverage, as well as their TER rates of 0.95%. The tickers should also remain unchanged.
17/04/2013

Delphi releases an emerging market equity fund

P { margin-bottom: 0.08in; } The Norwegian asset management firm Delphi, owned by Storebrand, has launched an emerging market equity fund, Delphi Emerging, managed by Espen K. Furner. The portfolio will include 35 to 45 securities. The management process will be the same as for the other six house funds, and will combine fundamental and trend analysis. Delphi is this week expected to receive permission to sell the fund in Sweden, and will later receive licenses for Finland and the Netherlands Fondbranschen reports.
17/04/2013

Assets up at hedge funds in March

P { margin-bottom: 0.08in; }A:link { } According to Eurekahedge, assets at hedge funds as of the end of March totalled USD1.830trn, after gains of USD9.19bn in the month, of which USD6.99bn are due to performance, and USD2.20bn to net subscriptions.Eurekahedge also estimates that hedge funds in March posted their fifth positive monthly results in a row, with gains of 0.69%.
17/04/2013

European creditors to Lehman will be fully reimbursed

P { margin-bottom: 0.08in; }A:link { } European creditors to Lehman Brothers are expected to recuperate the entirety of their investments, PricewaterhouseCoopers, the consulting firm responsible for liquidating the assets of the defunct bank in Europe, has announced, Les Echos reports. This victory was far from assured, and has only been won through long legal battles by investors. Overall, the bank is expected to reimburse about USD23bn to European investors. The reimbursement procedures will be complex to enact, which explains their length. So far, less than half of the total has been reimbursed: a first payment of USD11bn was made in November, to 1,500 lenders. A further payment of about USD4.5bn will take place this month. The 110,000 retail investors who held funds at the bank have also been fully reimbursed, for a total of USD92bn.
17/04/2013

Assogestioni adds to executive board

P { margin-bottom: 0.08in; }A:link { } The board of directors at Assogestioni, the Italian association of asset management professionals, has appointed four members to its executive board: Sergio Albarelli, Marco Carreri, Pietro Guiliani, and Walter Ottolenghi. They join the chairman and vice-chairmen (Domenico Siniscalco, Giordano Lombardo, Mauro Micillo, Nikhil Srinivasan).
17/04/2013

ETF assets at Schwab up 65% in one year

P { margin-bottom: 0.08in; }A:link { } Assets under management in 15 house ETF products form Schwab totalled USD10.9bn as of the end of March, up 65% year on year, the group announced at the publication of its quarterly results. This development makes Schwab the tenth-largest provider of ETFs in the United States. Assets in ETF portfolios managed by Schwab totalled USD2.6bn as of the end of first quarter, while assets from clients at Windhaven, the consulting arm of Schwab specialised in ETF investments, totalled USD15.6bn, up 15% since the end of December 2012. Net profits for the firm rose 6% in first quarter, to USD206m, on revenues up 8% to USD1.29bn.
17/04/2013

Goldman Sachs: slight increase in assets in Q1

P { margin-bottom: 0.08in; }A:link { } As of 31 March, assets under management or supervision by Goldman Sachs totalled USD968bn, compared with USD965bn as of 31 December, and USD900bn one year earlier. Growth of USD3bn in first quarter is due to a positive performance effect of USD12bn, which was bitten into by USD9bn of net outflows due to redemptions from money market funds (USD15bn) and alternative funds (USD3bn), and fed by net inflows of USD10bn to bond products, and USD4bn to equity products.Net revenues in first quarter for investment management totalled USD1.32bn, 13% less than in October-December, and 12% more than in the corresponding period of 2012.Net profits at Goldman Sachs in January-March totalled USD2.188bn, compared with USD.2833bn in the previous quarter, and USD2.074bn in the first three months of 2012.
17/04/2013

Assets under management at BlackRock set records

Assets under management at BlackRock as of 31 March totalled USD3.936trn, up 4% compared with the end of December 2012, and 7% compared with the end of March 2012, according to figures released by the group on 16 April. Diluted per-share profits in first quarter totalled USD3.62, up 15% from last year, on revenues up 9% to USD2.45bn, thanks to rising markets, long-term net inflows, and growth in performance commissions. Net profits for the part of the group totalled USD632m in first quarter, up 10% compared with first quarter 2012.Net inflows in first quarter have totalled USD39.4bn. Equity, multi-asset and core alternative funds have posted inflows of USD33.7bn, USD9bn and USD1.5bn, respectively, which were partly offset by fixed income and commodity strategies totalling a net USD2.6bn and USD2.2bn, respectively.Positive market and currency effects contributed to the growth of assets under management of a net USD104.3bn.Examination by region reveals that long-term inflows of USD22.4bn come from clients in the Europe, Middle East and Africa (EMEA) region, while USD19.7bn come from the Americas, partly offset by redemptions to clients in the Asia-Pacific region totalling USD2.7bn.As of 31 March 2013, BlackRock had 61% long-term assets under management for clients in the Americas, and 39% for international clients.iShares has maintained its positions on the international ETF market, with assets under management of USD802.8bn, including long-term net inflows of USD25.6bn, due to net subscriptions of USD26.3bn to equity funds. Fixed income has seen outflows of USD1bn, with a transfer within the asset class from long-term to more short-term durations.
17/04/2013

Equistone acquires Meilleurtaux.com from BPCE

P { margin-bottom: 0.08in; }A:link { } The banking group BPCE on 16 April announced that it has sold its online real estate mortgage broker Meilleurtaux.com to the investment fund Equistone Partners Europe (ex-Barclays Private Equity), in line with its plan to sell off non-strategic assets. BPCE, which entered exclusive talks with Equistone Partners on 18 February, has sold 100% of its stake in the capital of Meilleurtaux.com to the investment fund. The management team at Meilleurtaux.com is totally associated with the operation, and may continue to direct the growth of the business, as the strategy employed since 2011 has maintained a balanced net profit, with a slight increase in 2012, a statement says.
17/04/2013

Emergence invests EUR30m in a Keyquant fund

P { margin-bottom: 0.08in; }A:link { } Emergence, a contractual Sicav with sub-funds created by the Paris financial centre, and dedicated to incubating young start-ups in asset management, will invet EUR30m in the Key Trends UCITS fund, managed by the French asset management firm Keyquant. It is the third investment by the vehicle, from its Emergence – Performance Absolue sub-fund, whose management is outsourced to NewAlpha Asset Management, an affiliate of OFI which is expected to merge with NExT AM, an affiliate of La Française. Keyquant, a firm founded in 2009 by Robert Baguenault de Vieville and Raphaël Gelrubin, was selected from 120 applicants. The capital received will allow it to launch a UCITS fund, and to reach total assets of EUR100m.
17/04/2013

Tobam launches Anti-Benchmark Canadian Equity fund

P { margin-bottom: 0.08in; }A:link { } The asset management firm TOBAM on 16 April announced the launch of the Anti-Benchmark Canadian Equity (UCITS IV) fund. The fund has received seed capital from a major institutional investor. The Anti-Benchmark Canadian Equity fund aims to maximise diversification of an investment universe represented by the S&P/TSX Composite Equity index, by applying the patented Anti-Benchmark process to eliminate geographical, sectoral and style biases which may appear in more traditional allocation methods such as weighting by cap size. The fund aims to outperform the cap-weighted S&P/TSX index by about 4-6% per year over a full market cycle, while significantly reducing volatility (about 30%). The fund reflects the Anti-Benchmark Canadian Equity strategy managed by TOBAM since April 2011 for a US institutional client. Since its creation at the end of March 2013, the Anti-Benchmark Canadian Equity strategy has posted returns of +13%, outperforming the index (-5.6%) by nearly 10% on annual terms. In the same period, the strategy has reduced volatility by 33%. Characteristics Name: TOBAM Anti-Benchmark Canadian Equity Fund Legal format: UCITS IV Benchmark index: S&P/TSX Composite Total Return Index ISIN code: FR0011452945 Management fee: 1.00%
17/04/2013

Union sells a property to Aberdeen

P { margin-bottom: 0.08in; }A:link { } Union Investment Real Estate has sold an office and commercial property with 4,981 square metres of area, located on Theoder Heuß Platz in Berlin Charlottenburg, to Aberdeen Immobilien KAG. The property had been in the portfolio of the open-ended real estate fund UniImmo: Deutschland.The transaction comes as part of a strategy to sell of smaller properties, and the proceeds of the sale will be reinvested in Germany. Union Investment Real Estate is planing to concentrate on properties worth at least EUR30m.Aberdeen will place the property in the portfolio of the WertFonds S, managed by Acteum Investment, one of its nine institutional real estate funds.
17/04/2013

Institutional real estate fund launched by Union Investment

P { margin-bottom: 0.08in; }A:link { } On 1 April, Union Investment Real Estate launched an institutional real estate fund dedicated to the hospitality sector, the UII Hotel Nr 1, whose inflow objective is set at EUR250m, for a duration of 10 years, with maximal leverage of 40%.The portfolio will focus on budget and mid-scale hotel properties, with at least 60% of properties in Germany, and the remainder primarily invested in France, Belgium, the Netherlands, Luxembourg, Austria, the United Kingdom and Poland.Currently, the hotel portfolio of Union Investment represents a volume of EUR1.7bn, managed by 22 different companies. In the past three years, the central asset management firm for the German co-operative banks has invested about EUR400m in hotel properties, including EUR150m in the budget and mid-scale segments.Union Investment states that its real estate assets for institutional clients currently total about EUR3.5bn.
17/04/2013

2ip founds a real estate consulting affiliate for institutionals

P { margin-bottom: 0.08in; } Institutional Investment Partners (2ip) has recently founded Institutional Investment Consulting Partners GmbH, an affiliate which it claims is the first consulting firm in Germany aimed at institutional investors and specialised exclusively in direct and indirect real estate investment, in Frankfurt.As an addition to the 10-member team at the new affiliate, 2ip has recruited Christian A. Völxen, who had been head of investment consulting & real estate valuation at Feri EuroRating Services.

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