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05/02/2013

La BCE va devoir doubler ses effectifs

La Banque centrale européenne devra plus que doubler ses effectifs et embaucher environ 2.000 personnes afin de répondre aux exigences qui lui sont imposées dans le cadre de la création de l’union bancaire européenne, indique le journal qui cite une note confidentielle d’un cabinet de consultants remis et commandé par l’autorité elle-même.
05/02/2013

La Chine restreint la distribution de crédits

Craignant les risques d’un afflux de liquidités dans l’économie, les autorités de régulation chinoises auraient pris des mesures pour restreindre la distribution de crédits bancaires, indique le journal qui cite des sources réglementaires. Bank of China et ICBC auraient ainsi été rappelées à l’ordre par la Banque Populaire de Chine pour avoir dépassé leur quota de crédits autorisés en janvier.
05/02/2013

La Bourse de Singapour s’intéresse à LCH.Clearnet

SGX, la Bourse de Singapour, serait en négociations pour racheter une participation dans la chambre de compensation, soit de manière indépendante, soit dans le cadre d’une opération qui verrait le London Stock Exchange prendre une participation majoritaire de 60% dans LCH.Clearnet, indique le journal qui cite trois sources des échanges. Les trois parties seraient actuellement en cours de discussion sur la structure de l’opération. Le cours de l’action de SGX chutait de 0,6% ce matin, à 7,78 dollars locaux. Cette opération marquerait une deuxième intrusion des bourses asiatiques en Europe après le rachat du London Metal Exchange par la Bourse de Hong Kong.
05/02/2013

Les acteurs du private equity en manque de munitions

40% des sociétés d’investissement françaises disposent désormais de moins de 19% des fonds qu’elles gèrent pour investir dans de nouvelles entreprises. C’est ce qui ressort de la première étude menée par l’Association Française des Investisseurs pour la Croissance (AFIC) sur le volume des capitaux disponibles pouvant être investis dans de nouvelles entreprises (« dry powder »). Une autre population, représentant aussi 40% des acteurs, ne dispose que de 30% de ses fonds disponibles.
05/02/2013

Recomposition du capital en vue pour Maisons du Monde

Apax et LBO France ont mandaté la banque Lazard et la société de conseil Messiers Maris & Associés pour céder leur participation de 70% dans l’enseigne d’ameublement et de décoration, ont indiqué à Reuters des sources proches du dossier. Le processus de vente pourrait être enclenché dès la fin du mois de février. L’enseigne serait valorisée à au moins 700 millions d’euros.
05/02/2013
Gestion d'actifs

Sicav Emergence est en train de finaliser un deuxième compartiment

Au sein du premier compartiment de la sicav Emergence, Emergence Performance Absolue, le fonds d’incubation lancé par le pôle de compétitivité Finance Innovation, un placement devrait être décidé en comité d’investissement dans les jours qui viennent, rapporte L’Agefi. Selon nos informations, il pourrait s’agir de la société de gestion Eperam. L’incubateur envisage aussi d’ouvrir une poche annexe pour maintenir un guichet en gestion alternative. Plus important, Emergence est en train de finaliser un deuxième compartiment pour environ 70 millions d’euros. Il privilégiera les fonds investissant en actions ou en quasi-fonds propres (convertibles, etc.).
Gestion d'actifs
05/02/2013
Gestion d'actifs

Coface a sélectionné une société de gestion pour intégrer et centraliser sa gestion d'actifs

Amundi a été retenu par la Coface pour intégrer et centraliser sa gestion d’actifs. Le process de sélection des candidats pour ce projet au caractère très transversal s’est révélé long et complexe. Dans un premier temps, une soixantaine de sociétés ont répondu à la pré-alerte lancé en mai 2012 par bfinance, qui conseille la Coface dans la définition de ses besoins, la conduite de l’appel d’offres et le déploiement de la solution retenue. Puis, 25 sociétés ont été présélectionnées et au final dix ont remis une offre, avec, selon la nationalité des candidats, français, anglo-saxons, allemands, suisses ou encore luxembourgeois, différents types de véhicules juridiques proposés pour recueillir l’ensemble des actifs de la Coface. L’organisme d’assurance-crédit et de gestion des garanties publiques va donc pouvoir commencer le déploiement de la première phase de son chantier stratégique de centralisation de sa gestion de portefeuille. Amundi sera en effet chargé d’apporter des services opérationnels et de conseil à la Coface dans le pilotage centralisé et la mise en ??uvre intégrée de ses placements sur l’ensemble de son périmètre international. La seconde phase du chantier démarrera dès février avec le lancement de différents appels d’offres pour sélectionner les gérants qui intègreront la plateforme pilotée par Amundi.
Gestion d'actifs
04/02/2013

Les risques restent élevés en Espagne

Selon le Fonds monétaire international, les risques pour l’économie espagnole et son secteur financier restent élevés, même si des progrès majeurs ont été accomplis jusque là pour mettre en œuvre les réformes du secteur financier. La Commission européenne, de son côté, a estimé que le pays ne devait pas relâcher ses efforts pour remettre en ordre son secteur bancaire.
04/02/2013

Etats-Unis : hausse moins forte que prévu des commandes à l’industrie

Les commandes à l’industrie américaine ont progressé de 1,8% en décembre, un chiffre moins bon que prévu, selon des chiffres publiés lundi par le département du Commerce. Cette statistique est parfois présentée comme un baromètre de la volonté d’investir des entreprises. Hors transports, les commandes à l’industrie ont progressé de 0,2% après une baisse de 0,2% en novembre.
04/02/2013

Détente des relations commerciales entre l’UE et les Etats-Unis

L’Union européenne a levé lundi les restrictions qu’elle faisait peser sur l’importation de plusieurs viandes américaines, une décision constituant le premier pas vers un accord de libre-échange qui concernerait près de la moitié de la production mondiale. Cette décision constitue le premier pas vers un accord de libre-échange qui concernerait près de la moitié de la production mondiale.
04/02/2013

Madrid prépare une triple adjudication

Le Trésor espagnol compte émettre jeudi entre 3,5 milliards et 4,5 milliards d’euros d’obligations. L’adjudication comprendra trois types d’obligations, arrivant à maturité le 31 mars 2015, le 31 janvier 2018 ou le 31 janvier 2029, et respectivement assorties de coupons à 2,75%, 4,5% et 6%.
04/02/2013

UBS plans to scale up wealth management in China

“China, one of the largest markets for UBS, will continue to be a central part of our strategy,” the chairman of the board of directors at UBS, Axel Weber, has announced on his first visit to China in the position he has held since last year, China Daily reports. With this in mind, UBS will continue to develop its wealth management activities in China, where the group is hoping to become one of the largest wealth management firms. Worldwide, wealth management represents about 50% of the UBS portfolio. This percentage is clearly much smaller in China, where investable assets last year showed double-digit growth.
04/02/2013

Berkowitz closes three mutual funds to new investors

Bruce Berkowitz, the founder of the asset management firm Fairholem Funds, has announced that he has decided to close three mutual funds to new investors, at the end of the trading day on 28 February this year. Current shareholders will be permitted to continue to invest in the various funds. Fairholme explains in a statement that the decision comes largely as a result of the risk of diluting the current shareholders and the currently good positioning of the various funds for financing operations and realising new investments. Among the three funds which have been closed to new investors is the Fairholme Fund, whose assets under management total about USD7.5bn.
04/02/2013

Tocqueville Finance reshuffles its product range

French boutique Tocqueville Finance on Thursday announced at its annual convention that it is overhauling its fund product range. Funds investing solely in France will have their investment universe extended to cover all of Europe and all capitalisation sizes. This includes Ulysse, the flagship fund from the firm, which was managed by the star fund manager Marc Tournier until his departure about one year ago, which becomes a euro zone fund for all cap sizes. It is now managed by Daniel Fighiera, CIO since May 2012, with the assistance of Nelly Davies, co-manager. Tocqueville Dividende and Odyssée also open to Europe. Tocqueville Finance also announced the transformation of Ithaque, a value fund, into a megatrend fund. The new fund will be managed by Nelly Davies with Thibault Moureu as analyst. Tocqueville Finance had assets under management of EUR1.2bn as of Decembre 31, 2012, against EUR2bn as of June 2011. But the new CEO, Hervé Guiriec still targets AUM of EUR4bn in 2015.
04/02/2013

ING IM recruits for institutional sales team

Rob Heins, a former manager at PGGM, Robeco and Rabobank Netherlands, is joining the institutional sales team for the Netherlands at ING Investment Management, led by Michael Jasper, which now has five members, Fondnieuws reports.ING IM has about EUR316bn in assets under management for institutional and retail clients.
04/02/2013

Santander to double minimal level for access to private banking

The integration of Banif into Santander will result in an increase in the minimal level of financial savings required by the group for access to private banking services, from EUR500,000 currently, to EUR1m, within six months, Funds People reports.The absorption of Banif is expected to generate synergies in the third year of EUR520m, of which EUR420m are savings, and EUR00m are additional revenues.
04/02/2013

“My roadmap could be summed up in two words: development and industrialisation”

Stéphane Müller, who in mid-January was appointed as chairman of the boards at Federal Finance, which include two asset management firms, Federal Finance Gestion and Schelcher Prince, arrives with precise objectives, which are expected to make the firm better known abroad, soon to include Asia and South America. The business insider, who had previously been head of Suravenir Assurances, the insurance affiliate of Crédit Mutuel Arkéa, is planning to rationalise the group.
04/02/2013

Longevity risks oblige ABP to reduce benefits

The pension fund for public employees in the Netherlands, ABP, with 2.8 million members, on 1 February confirmed that a reduction of benefits by 0.5% planned for this year will be applied from 1 April 2013, as the increased life expectancy for the Dutch has reduced the coverage rate to 96% as of the end of 2012 (compared with 97% as of the end of September), below the 104.3% required by the legislator.Henk Brouwer, chairman, has also announced that if coverage rates do not improve, benefits may be reduced by approximately a further 1.6% in 2014.Assets increased by EUR35bn in 2012 to EUR281bn, due to returns of 13.7%, representing EUR34bn. But liabilities were revised upwards by EUR29bn in one year, to USD292bn. With interest rates virtually unchanged, the revision is almost entirely imputable to the most recent projections by the Netherlands Statistical Office (CBS) about the longevity of the population. This means that ABP will be required to pay out pensions for a longer time, and concretely, that liabilities will increase by 1.8 percentage points as a result of this fact.
04/02/2013

OFI AM launches two target date funds

OFI Asset Management has announced the launch of two 2018 target date credit funds. OFI High Yield 2018 and OFI Haut Rendement 2018 are both French-registered FCP funds, investing in high yield corporate bonds. The investment universe is composed of bonds issued in euros, larley from companies in OECD member countries in the case of the first fund. The second fund is diversified over issues from emerging countries in currencies other than the euro. Characteristics OFI High Yield 2018 ISIN codes: C share class: FR0011398809 • C/D share class: FR0011412584 Management fees: 0.50% TER Front-end fees: maximum 5%, including taxes Withdrawal penalty: 5% until 31 December 2012, 4% until 31 December 2014, 3% until 31 December 2015, 2% until 31 December 2016, 1% until 31 December 2017, and no charge after that until maturity of the fund
04/02/2013

Short-selling: ESMA publishes recommendations and exemptions

The European Securities and Markets Authority (ESMA) has published its final Guidelines and a Feedback Statement on the exemption for market making activities and primary market operations under the Short Selling Regulation. The Guidelines will be translated into all the official EU languages and will be applicable two months after the translations are published.ESMA will publish on its website the lists of those entities who have been granted exemptions without further details on the financial instruments and markets, with this latter information being available to national authorities.
04/02/2013

Axa Real Estate raises EUR209m for its Caesar fund

AXA Real Estate Investment Managers has announced that its Italian regulated subsidiary AXA REIM SGR has raised EUR209 million at the close of the Caesar Fund. This exceeds the target equity set out when Caesar was officially launched with a first close of EUR118 million in March 2012 and gives a total potential fund size of around EUR420 million once fully invested.AXA Real Estate, supported by the full capabilities of its parent company AXA IM in Italy, raised the money from 13 Italian institutional investors that have committed to invest alongside AXA Insurance companies, which represent around 20% of the total commitment. Caesar is a regulated closed ended fund for institutional investors and will target investments in well let “CORE” office buildings. The Fund aims to provide an annual average net dividend distribution of over 5.5%2 on capital invested, once the investment phase is completed, and a 9%2 IRR net of fees.The Fund will seek investments in eurozone countries and the United Kingdom and will have a particular focus on investments on France, Germany and United Kingdom for the first 12 months, while maintaining a watching brief on opportunities in Benelux. No single investment will exceed 15% of the Fund’s target portfolio value. AXA Real Estate plans to complete the investment phase of the Fund in the next 24 months, at which time, under the Italian law for regulated funds, it will have the option to reopen the Caesar for further subscriptions. The Caesar Fund will be managed by AXA REIM SGR in Italy and will benefit from the expertise and resources of AXA Real Estate’s European real estate investment and asset management platform.
04/02/2013

Coutts appoints BNY Mellon for Irish fund administration

BNY Mellon has announced that it has been selected by the British firm Coutts as administrator for its new Irish-registered, UCITS-compliant Coutts multi-asset funds.Services include settlement for derivatives, the production of KIIDs, daily reporting on performance, and hedging of share classes.
04/02/2013

Three partners appointed at Baillie Gifford

The Scottish asset management firm Baillie Gifford has announced the appointment of three new partners as of 1 May: Spencer Adair, investment manager in the Global Alpha team, Kathrin Hamilton, director of the Clients Department in charge of North American clients, and Graham Laybourn, director of Legal and Regulatory Risk.With the retirement of Angus McLeod, director of the Clients Department for Asia and the Middle East, the number of partners as of 1 May will total 39.Baillie Gifford has also announced that its assets as of the end of December totalled GBP85bn, and that the firm has 752 employees.
04/02/2013

Barclays: Planned departures of CFO and legal director

Barclays yesterday announced that its chief financial officer, Chris Lucas, and its legal director, Mark Harding, will be resigning voluntarily, Agefi reports. The two men will remain in place until their successors are appointed, the bank added in a statement. It states that a search for these replacements is underway.

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