Madrid prévoit de lever 207,2 milliards d'euros l'année prochaine, contre 186,1 milliards dans le budget 2012

Sur un effort global de 37 milliards d’euros, les deux tiers de ce montant proviendront de nouveaux prélèvements sur les ménages et les entreprises

Citant des éléments transmis par le numéro un mondial de la gestion, BlackRock, le quotidien souligne que la collecte nette mondiale des fonds indiciels cotés et produits apparentés en septembre a atteint 43,3 milliards de dollars. Soit le montant mensuel le plus élevé depuis décembre 2008 et le troisième plus important jamais enregistré dans les annales du gestionnaire. De quoi miser sur une collecte nette record cette année, selon le quotidien. La collecte sur 9 mois se situe en effet à 182,6 milliards de dollars, en hausse de 42% sur un an et au-delà déjà du montant de 173,4 milliards engrangé sur l’ensemble de l’exercice 2011.

Le gouvernement a annoncé sa démission dans le cadre d'un remaniement, alors que l'indice de confiance manufacturier s'est enfoncé en territoire négatif

Rassurés par les annonces de la BCE, les gérants anticipent majoritairement une stabilité des spreads

Malgré un contexte macroéconomique dégradé, sept panélistes sur seize ont encore relevé leurs prévisions à 6 et 12 mois pour le CAC 40

Les gestions ont puisé dans les actifs alternatifs pour augmenter d’un point leur exposition sur les actions qui atteint désormais 47%

Iván Martín Aranguez, le second gérant le plus récompensé d’Espagne après la star de Bestinver, Francisco García Paramés, quitte son poste de CIO actions chez Aviva Gestión pour prendre la tête de l'équipe actions ibériques chez Santander Asset Management, indique Citywire.Selon Funds People, Iván Matín Aranguez sera remplacé chez Aviva par Pablo Cano, qui a travaillé à ses côtés ces six dernières années.

Le luxembourgeois LRI Invest SA (8 milliards d’euros d’encours), a annoncé le recrutement au 1er octobre d’Angelina Andonova comme director international business development. Elle sera chargée du recrutement et du suivi de la clientèle institutionnelle hors de la région Allemagne/Autriche/Suisse. Auparavant, l’intéressée était senior investment strategist chez Tungsten Capital Management à Francfort.D’autre part, l'équipe francfortoise de LRI Invest accueille également au 1er octobre Juan Pablo Torres, qui sera chargé du recrutement et du suivi de la clientèle institutionnelle en Allemagne. Il sera basé à Francfort et vient de la Landesbank Baden-Württemberg (LBBW).

Longtemps, les mauvaises langues n’ont pas été les seules pour affirmer qu’Allianz Global Investors (AGI) serait seulement un prête-nom commercial pour RCM dans la gestion actions et Pimco dans l’obligataire. Le Germano-Américain James D. Dilworth, CEO d’AGI Europe, a cependant démontré lors d’un séminaire à Munich que les lignes ont bougé et que «l’ablation» de l’américain Pimco, ancienne filiale d’AGI devenue filiale directe d’Allianz au 1er janvier, n’a pas rogné les ambitions du gestionnaire allemand.De fait, sur les 300 milliards d’euros d’encours, les obligations représentent à peu près 40 % du total, comme les actions, contre 20 % pour le multi-classes d’actifs et l’alternatif. «Autrement dit», a indiqué Jim Dilworth à Newsmanagers, «nous alignons un pôle obligataire très solide. Et nous sommes particulièrement bien positionnés sur des créneaux comme le crédit en Europe, le haut rendement en Europe et aux Etats-Unis ainsi que sur les obligations asiatiques».Interrogé par ailleurs sur les conséquences de la réorganisation qui va faire disparaître le nom de toutes les filiales acquises au fil du temps par AGI dans le monde, le CEO a souligné que la suppression des doublons dans l’offre de fonds est actuellement au stade de l’analyse. Mais il s’est refusé à préciser si le phénomène atteindra l’ampleur qu’il a prise en Allemagne, avec la disparition d’un fonds sur deux dans la gamme héritée d’Allianz, de la Dresdner Bank (DIT, etc) et de la Commerzbank (Cominvest, ex ADIG). «En tous cas», précise-t-il, «cela n’aura pas de répercussions sensibles sur l’effectif, parce que, si l’on peut aisément élaguer une gamme, il serait difficile de tailler dans des équipes qui sont bien rodées».L’allocation d’actifs actuellement préconisée par Jim Dilworth privilégie les obligations à haut rendement, les obligations asiatiques, les produits avec des objectifs de rendement, de risque et d'échéance (solutions sur mesure, «parce que le vrai problème est l’incertitude, pas la volatilité») ainsi que les actions de sociétés à dividende élevé.

Dans la perspective du rachat de la société de courtage par son concurrent Kepler Capital Markets, CA Cheuvreux se prépare à supprimer 290 postes sur 358 employés, soit 80% des effectifs basés à Paris, rapporte L’Agefi citant plusieurs sources concordantes. L’ensemble des équipes sont concernées, en premier lieu celles des fonctions de back-office, de middle-office et les services informatiques. Les premiers départs interviendraient dès le début de 2013. il ne restera qu’une petite partie du front office, selon les mêmes sources. Au niveau du groupe, qui compte 700 personnes, il ne devrait rester que 200 postes, précise le quotidien.

Les non-résidents détenaient 43,3 % du capital social des sociétés françaises du CAC 40 à fin 2011, contre 41,1% l’année précédente, selon une étude de la Banque de France publiée le 28 septembre. À la fi n de l’année 2011, les non-résidents détenaient 334,6 milliards d’euros, sur une capitalisation boursière totale de 772,3 milliards d’euros. La proportion des non-résidents dans le CAC 40 n’est certes pas aussi élevée qu’entre 2004 et 2006 (entre 45 % et 47 %), mais elle est revenue à la moyenne observée depuis 2002.L'évolution observée l’an dernier est liée pour 1 point aux flux nets acheteurs des non-résidents, pour 0,5 point à un effet de changement dans la composition du CAC 40 et pour 0,7 point dû aux autres effets (principalement effets de valorisation). La part des non-résidents dans la détention du capital des sociétés résidentes du CAC 40 varie selon les entreprises. Vingt d’entre elles présentent un taux de détention compris entre 25 % et 50 % de leur capital avec un taux de détention moyen de 38,1 %, treize d’entre elles se situent entre 50 % et 75 % (taux moyen de 58,4 %) et seules quatre d’entre elles ont un taux de détention par les non-résidents inférieur à 25 % (taux moyen de 17,4 %). Les taux de détention par les non-résidents apparaissent plus faibles dans le cas des groupes ayant une part stable d’actionnariat (bloc familial ou concert d’actionnaires par exemple). Mais un taux de détention faible ne reflète pas nécessairement un manque d’appétence des non-résidents pour un titre plutôt qu’un autre, remarque la Banque de France.

La Caisse Nationale des barreaux français (CNBF), qui recherche huit prestataires pour la gestion de ses encours, déterminera à la mi-octobre la sélection de ces futurs partenaires financiers . William Seyrig, son agent comptable, s’estime satisfait de la qualité des dossiers reçus et explique que « l’accent sera mis sur la fiabilité, la récurrence des performances et le contrôle des risques » dans le choix des lauréats de l’appel d’offres, qui compte quatre lots, allant de 50 à 400 millions d’euros.

So far, the year 2012 has been good for institutional business at Fidelity Worldwide Investment, the Fidelity arm outside the United States, Chris McNickle, global head of institutional business at Fidelity Worldwide Investment, tells Newsmanagers. But this has largely been thanks to the Middle East, Asia and Australia. These regions will gradually overtake the other regions covered by the firm. In Europe, business is more muted, with pockets of growth, however, in Italy and Germany.

The haemorrhaging continues: according to VDOS, cited by Funds People, Spanish securities funds have continued to see net outflows from 1 to 21 September of EUR779m. However, their assets as of 21 September were up by EUR989m, due to market effects, at EUR128.914bn.

Financière de l’Echiquier will be launching a high yield fund, Echiquier High Yield, Citywire Global reports. The manager will be Olivier de Berranger, who is already manager of the Echiquier Oblig fund.The French asset management boutique has also recently recruited a new value manager, who will be joining the team in mid-October, the firm’s website reports. Damien Mariette was previously at the Fonds de Garantie.

On Friday, Bank of America agreed to pay USD2.43bn to five plaintiffs, including the public pension funds State Teachers Retirement System of Ohio and Teacher Retirement System of Texas, who had accused the bank of concealing the real situation at Merrill Lynch at its acquisition of the brokerage firm in a single weekend in September 2008, the Wall Street Journal reports.The plaintiffs are said to have been seeking USD22bn, had the case gone to court as scheduled on 22 October. Due to the large number of shares they held, each of the two pension funds is expected to receive USD20m.

BNP Paribas Investment Partners (BNPP IP) this Monday is slated to announce it has hired four emerging markets fixed income professionals from State Street Global Advisors’ subsidiary Rexiter Capital Management. These individuals join BNPP IP’s existing emerging markets fixed income team, which consists of an Asian Fixed Income team, emerging markets fixed income portfolio managers based in London and dedicated emerging markets fixed income traders, bringing the total team to 10 portfolio managers.The global emerging markets fixed income team is led by John Morton and is a part of BNPP IP’s global fixed income partner, Fischer Francis Trees & Watts (FFTW). The team is based in Boston, London and Singapore and reports to Guy Williams, CIO of FFTW. Before joining FFTW in July 2012, he was the CIO for Fixed Income and a MD of Rexiter CM.The individuals hired in addition to Morton comprise Mark Capstick, Lewis Jones and Daniel Wood who have been working together at Rexiter CM since end-2007.

Colin Ng, the head of Asian equities at Barings, has left the firm to pursue other opportunities, according to Investment Week. He has been replaced by Hyung Jin Lee. Ng joined Barings in January 2010 from MFC Global Investment Management.

EDHEC-Risk Institute and CFA Institute on Friday announced the reinforcement of their executive education partnership (initiated in 2008 with the Advances in Asset Allocation Seminar) by offering the Advances in Equity Portfolio Construction Seminar. The course aims to provide investment practitioners with the tools to better understand the limits and benefits of different portfolio construction approaches, and to discuss alternative equity index strategies.The two-day programme is intended for finance practitioners who contribute to the design and implementation of portfolio construction models and is also insightful for investment professionals who analyse or decide on the adoption of appropriate model portfolios or benchmarks for equity investments, or who are interested in customising their strategic equity benchmark.The event will take place on 20-21 November, 2012 in Singapore and on 12-13 February, 2013 in London.

A survey of 310 institutional investors in Western Europe and the US commissioned to the Economist Intelligence Unit (EIU) by State Street Global Advisors (SSgA) reveals that 71 percent of institutional investors believe it is “highly likely” or “likely” that significant tail risk event will occur in the next 12 months. The research shows that the crisis in the Eurozone, the prospect of global or European recession and the slow-down in China among the concerns. Only 20 percent of respondents are “very confident” that they have some form of downside protection in place for the next significant event, with a further 61 percent “somewhat confident” of this. However, 73 percent of institutional investors believe that due to changes in their strategic asset allocation, they are better prepared for the next major tail risk event than they were before the start of the financial crisis, a press release explains. The data showed shifts in allocation – although interestingly, despite elevated concerns, the pace of change has been slower than expected. The widespread impact of tail risk events has resulted in a large proportion of investors reconsidering the products available to mitigate the impact of these events, beyond traditional diversification techniques. The survey showed gains in allocation to other alternatives, such as commodities and infrastructure, and managed futures/commodity trading advisor (CTA) strategies. The allocation to fund-of-hedge-funds declined significantly, with a 9 percentage point drop from pre-2008 figures.

As of the end of December last year, total “sustainable development” investments in Germany, Austria and Switzerland in the form of shares in open-ended funds, mandates, deposits with specialist banks and certificates came to EUR103.5bn, virtually 10% more than at the end of 2010.According to the sixth annual report from Forum Nachhaltige Geldanlagen, investments in sustainable funds had total assets of EUR30.5bn, compared with EUR26.3bn in December of the previous year, and EUR20.2bn as of the end of 2009, following a contraction to EUR11.7bn in 2008, compared with EUR17.1bn at the end of 2007.In Germany, volumes in open-ended funds as of 31 December totalled EUR9.9bn, compared with EUR5.8bn as of the end of 2010, and EUR5.9bn as of the end of 2009. In Austria, assets totalled EUR2.11bn, compared with EUR1.88bn as of the end of 2010, and EUR1.63bn one year earlier. In Switzerland, assets under management fell to EUR18.5bn, from EUR19.6bn one year previously, following a strong expansion compared with EUR12.7bn at the end of 2009.

At the first investment fund conference held by the Börsen-Zeitung, Thomas Neiße, president of the German BVI association of asset management firms, admitted that professionals have made mistakes and lost clients for emotional reasons, since they highlighted the prospects of returns on products while not mentioning the risks they involved.In addition, in the past 10 years, fund managers have not kept their promises in terms of returns, due to the falling markets. Lastly the industry overworked clients by failing to explain arduous products to them in clear language.Now, winning back the confidence of investors is a Herculean task. The industry needs to start again from zero, and be modest, the BVI president says.

The Wall Street Journal rapporte que Timothy Geithner, le secrétaire au Trésor, a demandé dans une lettre au Financial Stability Oversight Council (FSOC) qu’il préside d’émettre des propositions pour réguler les fonds monétaires, étant donné que la SEC est dans l’impasse sur ce dossier. Ce serait la première fois que le FSOC, créé par la loi Dodd-Frank, interviendrait dans le domaine de compétence d’un autre régulateur indépendant.

Jon Horvath, un ancien analyste de la société de hedge funds SAC Capital, a reconnu s’être servi d’informations confidentielles obtenues auprès d’autres analystes et concernant cinq entreprises de 2007 et 2009, rapporte le Financial Times. Il a indiqué avoir fourni les informations au gérant à qui il avait fait des recommandations d’achat. Selon des proches du dossier, ce gérant serait Michael Steinberg.

Jon Horvath, a former analyst at Sigma Capital Management, an affiliate of the hedge fund management firm SAC Capital Advisors, on Friday became the 69th person to plead guilty in an insider trading scandal. He admitted before a Manhattan Federal court that he received insider information on the subject of Dell and Nvidia, and then passed the information on to his boss, the portfolio manager Michael Steinberg, a close ally of the founder of SAC, Steven A. Cohen. Steinberg was not mentioned by name by Horvath, and was not publicly accused, but he is on the list of accomplices not facing charges.

The UK financial services sector has shed 9,000 jobs in the past three months, according to statistics from CBI and PwC cied by the Financial Times. Job cuts were mostly at banks. The Centre for Economics and Business Ressearch expects more than 30,000 jobs to be cut this year, which will bring total employment in the sector below 255,000, the lowest level since 1996.

At a presentation in Paris, Patrick Moonen, senior equity strategist at ING Investment Management (ING IM), has emphasized that for asset allocation and absolute return portfolios (EUR30bn in assets), tactical asset allocation has been upated in the direction of higher risk.In other words, the Netherlands-based asset manager is currently preferring equities and real estate, whose valuations are attractive. In equities, Moonen prefers Europe to the United States, and has a neutral position on Japan. In the sectoral area, he is overweight in base materials, durable consumer products and financials, as well as value equities in general, which perform well at the beginning of economic recovery. In addition, ING IM is betting on “high dividend” strategies. However, telecommunications are on the list to underweight.Meanwhile, portfolios are underweight in commodities, since energies and agriculture represent 60% of indices, segments that are not popular with ING IM. Moonen says that although he is overweight in spread products, he is underexposed to government bonds.

The Luxembourg-based LRI Invest SA (EUR8bn in assets) on 1 October announced the recruitment of Angelina Andonova as director international business development. She will be responsible for the recruitment of and relationship management for institutional clients outside Germany, Austria and Switzerland. She had previously been senior investment strategist at Tungsten Capital Management in Frankfurt. The Frankfurt-based team at LRI Invest on 1 October also welcomed Juan Pablo Torres, who will be responsible for the recruitment of and relationship management for institutional clients in Germany. He will be based in Frankfurt, and joins from Landesbank Baden-Württemberg (LBBW).

It has not only been malicious observers who have been saying for a long time that Allianz Global Investors (AGI) is merely a brand name label for RCM in equity management and Pimco in fixed income. The German/American James D. Dilworth, CEO of AGI Europe, has shown at a conference in Munich that the lines have moved, and that the “surgical removal” of the US firm Pimco, formerly an affiliate of AGI, which on 1 January became a direct affiliate of Allianz, has not set back the ambitions of the German asset management firm.Of EUR300bn in assets, in fact, fixed income represents slightly over 40% of the total, as do equities, while 20% are in multi-asset classes and alternative assets. “In other words,” Dilworth tells Newsmanagers, “we have a very solid fixed income unit. And we are particularly well-positioned in niches such as credit in Europe, high yield in Europe and in the United States, and Asian bonds.”When asked about the consequences of the reorganization, which will involve the disappearance of the names of all affiliates acquired over the years by AGI worldwide, the CEO says that the elimintation of redundancies in the fund range is currently under study. But he declined to comment on whether the phenomenon would be of a size similar to the one in Germany, where one fund out of every two disappeared from the range inherited from Allianz, Dresdner Bank (DIT, etc.) and Commerzbank (Cominvest, formerly ADIG). “At any rate,” he says, “it will not have noticeable repercussions on personnel, since, though we can easily slough off a product range, it would be difficult to resize our teams, which are well-honed.”The asset allocation currently recommended by Dilworth privileges high yield bonds, Asian bonds, products with return, risk and maturity objectives (custom solutions, “since the real problem is uncertainty, not volatility,”) and equities from companies that pay high dividends.