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05/07/2012

Les banques américaines veulent rassurer dans les cas extrêmes

Dans le cadre de la loi Dodd-Frank, neuf géants de Wall Street ont soumis à la Réserve fédérale et à l’agence de garantie des dépôts (FDIC), leur plan d’action au cas où une déroute devait les contraindre à la faillite et au démantèlement, rapporte L’Agefi. Les banques tentent aujourd’hui de rassurer en minimisant la notion de «too big to fail». Bank of America, par exemple, assure pouvoir le cas échéant dénicher pour ses actifs des prétendants aussi divers que des concurrentes, des fonds alternatifs ou de private equity, des assureurs ou des fonds souverains. Un sentiment partagé par Goldman Sachs, note le quotidien.
05/07/2012

Invesco Real Estate recrute au Grand-Duché

Invesco Real Estate développe ses activités au Luxembourg et annonce sept nouveaux recrutements. Joanna Wisniewska et Wioletta Klopocka intègrent l'équipe en tant que contrôleurs de fonds immobiliers senior et seront responsables de la comptabilité des fonds d’Invesco Real Estate domiciliés au Luxembourg. Maxim Lobes sera comptable senior et assurera la tenue et la préparation des comptes statutaires et comptes consolidés. Patryk Tyszka et Athénaïs Bertin rejoignent l'équipe en tant que comptables sous la responsabilité de Maxim Lobes. Nadja Zimmer et Grant Broadway seront assistants juridiques, en charge du support juridique et administratif. Avant de rejoindre Invesco Real Estate, Joanna Wisniewska (31 ans) était contrôleur de fonds chez Citco REIF Services (Luxembourg) S.A. Pour sa part, Wioletta Klopocka (36 ans) était contrôleur de fonds chez Citco REIF Services (Luxembourg) S.A. ; Maxim Lobes (32 ans) était administrateur de comptes clients chez TMF Luxembourg S.A.; Patryk Tyszka (28 ans), étaient comptable junior pour ABN-AMRO Bank et ATC Corporate Services au Luxembourg ; Athénaïs Bertin (23 ans), était comptable junior chez Citco REIF Services (Luxembourg) S.A. ; Nadja Zimmer (25 ans) était Citco REIF Services (Luxembourg) S.A. ; Enfin Grant Broadway (41 ans) était mandataire social chez Arendt Services S.A. Luxembourg.
05/07/2012

Aviva annonce les grandes lignes de son plan stratégique

Dans un «message aux actionnaires», John McFarlane,chairman d’Aviva qui a pris la direction opérationnelle jusqu'à la nomination d’un CEO permanent (probablement vers le début de 2013, la recherche est confiée à Spencer Stuart), expose le 5 juillet les grandes lignes du plan stratégique adopté par le conseil d’administration de l’assureur britannique. Cela tient en trois objectifs: un recentrage sur un nombre moins important d’activités susceptibles de générer des bénéfices intéressant et avec une forte probabilité de succès; créer les conditions d’une constitution financière robuste; améliorer la performance financière.Tous les détails ne peuvent pas encore être communiqués, car certains points du programme comportent des cessions d’activités. Sur les 58 métiers du groupe, 15 sont jugés performants, 27 doivent être améliorés et 16 vont être cédés (ces derniers représentent 6 milliards de livres de capital et 300 millions de livres de bénéfice après impôt).John McFarlane indique à la fin de son message qu’Aviva a réduit son exposition à la dette souveraine de presque 2 milliards d’euros en juin.
05/07/2012

RBC Dexia nomme un head Portfolio Solutions

RBC Dexia Investor Services a annoncé mercredi 4 juillet la nomination de Simon Hirtenstein à la fonction de head Portfolio Solutions au sein de son équipe de Market Products & Services (MPS). Simon Hirtenstein sera basé à Londres et rapportera à Susan Pike, global head, Market Products & Services. Il travaillera en étroite collaboration avec les gestionnaires des produits dans le cadre du MPS. Le nouvel arrivant sera également responsable de la vente directe de produits et de services.Avant de rejoindre RBC Dexia, Simon Hirtenstein a exercé ses fonctions chez HSBC Securities Services, SIAM et Barclays, précise un communqiué.
05/07/2012

Groupama AM recrute un directeur des opérations

Groupama Asset Management a annoncé le recrutement de Boris Duclos au poste de directeur des opérations. Dans le cadre de ses nouvelles fonctions, il est chargé de superviser les opérations initiées par la gestion jusqu’à la production des valeurs liquidatives et des reportings. L’intéressé encadrera près de 80 personnes au sein des équipes Middle-office, Administration des fonds et mandats, Reporting clients & Attributions de performances, et Référentiels.Boris Duclos était auparavant chez State Street Banque depuis 2008, en charge du Middle Office.
05/07/2012

La Caisse de retraite des Mines vend des immeubles parisiens

Selon Business Immo, la Caisse de retraite des Mines (CDC) met en vente un portefeuille d’une dizaine d’immeubles d’habitation situés aux abords des Champs-Elysées et dans les XIVe et XVIe arrondissements de Paris. Le portefeuille d’une valeur proche de 160 millions d’euros intéresserait une dizaine de candidats dont le Groupe Arnault.
05/07/2012
Fonds

Greenlight Capital progresse de 3,7% au premier semestre

Le gérant de hedge funds David Einhorn a indiqué que son fonds phare Greenlight Capital avait terminé le mois de juin sur une performance de 0,3%, rapporte l’agence Reuters. Il affiche un rendement de 3,7% sur les six premiers mois de l’année.Daniel Loeb a pour sa part indiqué que son plus gros fonds, le Third Point Offshore Fund dont les actifs sous gestion s'élèvent à quelque 4,5 milliards de dollars, avait enregistré une performance de 3,9% depuis le début de l’année. Les hedge funds ont dégagé un rendement moyen de 1,22% au premier semestre.
Fonds
05/07/2012

C-Quadrat veut aussi acquérir APM

Au lendemain de l’annonce de la signature d’un «term sheet» pour l’acquisition du britannique BCM, qui affiche 800 millions d’euros d’encours (lire Newsmanagers du 3 juillet) le gestionnaire d’actifs austro-allemand C-Quadrat a indiqué dans un communiqué boursier avoir également conclu un accord de principe pour l’achat de 100 % du viennois Absolute Portfolio Management GmbH (APM) dont l’encours se monte à 430 millions d’euros.Dans l'état actuel des négociations, le prix d’achat se situerait à quelque 1,6 million d’euros et la transaction sera financée en actions ; elle devrait être signée avant la fin juillet, sous réserve que la Commission autrichienne des valeurs, la FMA, ne l’interdise pas.APM est focalisé sur les fonds de performance absolue, sur la micro-finance et sur les fonds de matières premières.
05/07/2012

Le groupe Pgc recrute son responsable du développement

Constitué de Pgc Société Privée de Gestion et de Conseil et Pgc Colonne Vendôme, le groupe Pgc qui affiche 600 millions d’encours sous gestion vient d’annoncer le recrutement d’Eric Sönkes à la fonction de directeur du développement. Agé de 47 ans, il sera notamment chargé de développer une offre complète à partir de la synergie des trois pôles d’activité du Groupe Pgc (gestion privée, fusions & acquisitions et « family office ») destinée, en particulier, aux dirigeants actionnairesde PME, précise un communiqué. Avant de rejoindre le Groupe Pgc, Éric Sönkes était banquier senior dédié aux entrepreneurs chez Credit Suisse depuis 2008.
05/07/2012

Fletcher hedge fund enters Chapter 11 bankruptcy protection

The Wall Street Journal reports that Fletcher International Ltd last week asked a Manhattan court for Chapter 11 protection under US bankruptcy law for one of its hedge funds based in the Cayman Islands. The fund’s administrators are seeking to retain control of assets and manage the liquidation, rather than allowing liquidators at Ernst & Young appointed by a Cayman Islands court, which found that the fund was insolvent on the basis of its cash flow, to complete it. The situation has emerged since the fund was not able to satisfy redemption demands from three Louisiana public pension funds.
05/07/2012

11 infrastructure funds threaten Spanish government

Ampere Equity Fund, Antin, Cube, Eiser, Hg Capital, Infrared, KGAL, KKR, MEAG, RREEF and Riverstone Holdings, eleven infrastructure fund management firms which have announced investments of EUR9bn in Spain, on 3 July sent a letter to the president of the Spanish government, warning that if energy reforms now under preparation by the Spanish ministry of energy and industry are passed in their present form, they will reduce their investments in the country, and will take legal action, Expansión reports. It is the second letter they have sent to the prime minister to seek legal protection for their assets in Spain. This time, they have toughened the tone of their missive, as they are concerned that the reforms will compromise the profitability of their investments in renewable energies, with a “retroactive and discriminatory” reduction of earnings.
05/07/2012

Greenlight Capital up 3.7% in first half

The hedge fund manager David Einhorn has announced that his flagship fund, Greenlight Capital, finished the month of June with returns of 0.3%, the news agency Reuters reports. It has earned 3.7% in the first six months of the year. Daniel Loeb, for his part, has announced that his largest fund, Third Point Offshore Fund, with assets under management totalling about USD4.5bn, has posted returns of 3.9% since the beginning of the year. Hedge funds have earned an average of 1.22% in first half.
05/07/2012

British REIT PHP launches retail bonds

The specialist in real estate services to the health sector, Primary Health Properties (PHP), has become the first REIT in the United Kingdom to offer retail bonds. The bonds on offer to retail investors will provide fixed returns of 5.375% twice per year, in January and July, with the last payment scheduled for 23 July 2019, and the first for 31 January 2013. The shares, which will then be listed on the London Stock Exchange, will be made available to wealth managers and brokers for a minimal subscription of GBP2,000, until 16 July.
05/07/2012

European banks need to reduce costs further

The 25 major European bakns need to find at least EUR40bn in savings in order to return to profitability of near 10% in the next three years, which would at least allow them to compensate the average cost of their capital, says Roland Berger, Les Echos reports. In case economic and fiscal conditions deteriorate, Berger estimates that the banks would need to reduce their costs by EUR68bn to compensate for increased pressure on their revenues. This is the concrete realisation of their declared objective of reducing their average operating ratio from 61% to 55% by 2016. Such a reduction would represent a tripling of annual productivity gains compared with the past 15 years. No profession will be spared, as cost reduction efforts are estimated at 10% to 15% in asset management.
05/07/2012

ETF activities on NYSE Euronext down in June

As of the end of June, the European markets of NYSE Euronext listed 591 ETFs 686 times, compared with 590 and 686 listings one month earlier. In June, two ETFs from Lyxor (ERC and WLDR) were added to listing on Euronext Paris. The average daily trading volume (on-book) in June totalled EUR257.7m, compared with EUR267.3m in May, and EUR297.1m in April. The June total is down 39.9% compared with June 2011. Total on-book trading volumes were down to EUR5.4bn in June, compared with EUR5.8bn in May. Meanwhile, bloc trades in June totalled EUR733.4m, compared with EUR842.1m the previous month, representing 13.5% ot total trading volumes on regulated ETF markets, compared with 14.3% in May. The median spread has remained unchanged compared with the previous month, at 31.15 basis points.
05/07/2012

LGT opens an office in Dubai

LGT Group on 4 July announced the opening of an affilaite in Dubai. LGT (Middle East) Ltd, positioned in private banking, will manage clients in the Gulf region, the Eastern Mediterranean, Turkey, Africa and South Asia. Tamer Rashed, formerly of Bank of America Merrill Lynch, has been appointed CEO of the entity, the Liechtenstein bank has announced in a statement. Rashad reports to the CEO of LGT Private Banking, Thomas Piske, and will be based in Dubai. Pending approval from the Dubai supervisory authorities, LGT Middle East will be operational from fourth quarter 2012. LGT Middle East will also manage clients in Bahrain, Geneva and Zurich, the bank states.
05/07/2012

European regulations for derivative products passed

The countries of the European Union on 4 July passed a bill to regulate derivative products, the Council of the European Union has announced in a statement. The text will increase the transparency of derivative products, while reducing risk on over-the-counter derivative markets.EU countries, the Commission and the European Parliament in February reached agreement on the question. It was passed on Tuesday in a plenary session of Parliament in Strasbourg, and its passage by member states will mean the law will be applied by the end of 2012, the Council states.From this date, all information about transactions involving derivative products traded in Europe will be collected by central data registries, under the oversight of the European securities markets authority (ESMA).All derivative products, including over-the-counter products (which represent 80% of trades), are required to pass through clearing houses, which ensure that operations proceed correctly and act as a guarantee fund.The new European legislation reflects the gradual application of decisions taken in September 2009k one year afte the bankruptcy of Lehman Brothers, at the G20 summit in Pittsburgh, US.
05/07/2012

Strong increase in assets under management in China in April-June

In second quarter, assets under management by Chinese funds increased 11.6% compared with January-March, to a total of CNY2.4trn as of the end of June. According to Z-Ben Advisors, this all-time large increase may be partly attributed to the success of several funds launched in April-June, and partly to “organized” inflows to bond funds.
05/07/2012

European Central Order Book: Euronext/TradingScreen partnership to serve institutionals

As part of Paris Europlace, NYSE Euronext and the US firm TradingScreen on Wednesday announced that they have signed a partnership to facilitate access for institutional investors to corporate bond trading platforms which meet criteria defined by the Cassiopée committee, which NYSE BondMatch belongs to.By the terms of the agreement, NYSE Euronext will bear the costs for three months of software to allow institutional investors to view the European Central Order Book (ECOB), which displays the liquidity of NYSE BondMatch, and in a few weeks will also display the liquidity of Galaxy, when it is launched. When institutional investors concerned are prepared to trade on ECOB the screens will be reconfigured by TradingScreen from “display” to “trading” mode, and the cost of the license will then be borne by the intermediaries/market participants who have decided to execute orders.The ECOB will consolidate virtually all orders from bond platforms compliant with the Cassiopée project. It was developed under the leadership of the NYSE BondMatch strategic committee.
05/07/2012

C-Quadrat plans to acquire APM as well

The day following the signature of a term sheet to acquire the British firm BCM, which has EUR800m in assets (see Newsmanagers of 3 July), the Austrian-German asset management firm C-Quadrat has filed an ad-hoc statement that it has also signed an agreement in principle to acquire 100% of the Viennese firm Absolute Portfolio Management GmbH (APM), whose assets total EUR430m.At the current stage of negotiations, the sale price would be about EUR1.6m, and the transaction would be completed in equity; it would be signed by the end of July, so long as the Austrian securities commission, the FMA, does not bar the deal.APM is focused on absolute return funds, micro-finance and commodity funds.
05/07/2012

IPOs: Postponements and cancellations rife in second quarter

Initial public offerings with a total value considerably higher than EUR8bn were postponed or cancelled on stock markets worldwide in first quarter, according to the “IPO Watch Europe” study from PwC. During this period, many businesses seeking a stock market debut ultimately abstained due to increasingly serious concerns about global economic growth, particularly in China, but also due to the ongoing debt crisis in the euro zone. Volatility indices have reached their highest levels since November 2011. After an encouraging first quarter, activities slowed considerably in second quarter. The 80 operations completed raised only EUR0.7bn, while the number of launched and funds raised fell by 40% and 95%, respectively, year on year. In second quarter 2011, 134 operations generated EUR13.4bn (of which EUR6.9bn were due to the Glencore IPO). This slowdown is the result not only of difficult conjuncture, but also of the fact that many businesses have postponed their stock market debys for 6 to 12 months due to deteriorating market conditions in the second half of 2011. The European market was the most severely affected of the major markets, and risks remaining at a flatline for a good part of second half, until investor confidence in the markets returns. Only three IPOS were completed in Paris in the quarter, raising EUR42.8m, a 31% increase in value compared with second quarter 2011 with an equivalent volume, when 3 IPOS raised EUR29.7m.
05/07/2012

Alternative management institutionalises, KPMG reports

A joint survey by KPMG and the international AIMA association of alternative managers (“The Evolution of an Industry») has found that 150 respondents feel that the most remarkable phenomenon since the beginning of the financial crisis is the increasing importance of institutional investors.The time when hedge funds were aimed exclusively at high net worth private investors or family offices has long changed. These two categories now represent only 24% and 19% of total assets, respectively, while pension funds and funds of hedge funds account for 17% each, and other institutionals represent another 23% of the total. Thus, overall, these three categories account for 57% of hedge fund assets.With toughening regulations, this institutionalisation phenomenon has certainly contributed both to an increasing focus on due diligence, and has also led fund managers to make increased efforts at transparency.
05/07/2012

MEAG gets a new MD

From 1 January 2013, Philipp Waldstein Wartenberg will become MD and a member of the managing board at the asset management firm Munich Ergo Asset Management (MEAG, an affiliate of Munich Re and Ergo), in charge of management of securities portfolios, liquidity and currencies. He replaces Dieter Wolf, who will be retiring next year. For the past 17 years, Waldstein Wartenberg has served in several management roles at the UniCredit group. Since 2006, he had been head of group strategic funding & portfolio in Milan.MEAG has assets of EUR222bn, mostly for the Munich Re group, which Ergo belongs to.
05/07/2012

FTSE recruits a head for Japan

Following the departure of Paul Hoff, who for a decade had led the Japanese office, the index provider FTSE has recruited his successor, in the person of Yuji Ogino, previously general manager at Tokio Marine Asset Management, Asian Investor reports.
05/07/2012

Aviva Investors recruits a credit specialist for Asia

After a three-month mission at Aviva Investors as a bond management consultant, Tim Jagger is joining the British group in Singapore as senior vice president, portfolio manager for Asian bonds, with a specialty in high yield credit. Jagger previously worked at Royal Bank of Scotland as a credit specialist.
05/07/2012

Reyl plans to accelerate development in Zurich

The Geneva-based private bank Reyl is continuing its development in Zurich, where it has moved into new facilities. The move is a sign of the bank group’s desire to set up on the German market for the long term, Agefi Switzerland reports. The objective is to reach over CHF1bn in assets under management by the end of 2013. The Reyl bank in Zurich includes the activities of Reyl 7 Cie AG, founded in 1973, and the wealth management firm Solitaire Wealth Management AG. In this environment, Zurich Reyl Overseas Ltd, which has a license from the Securities and Exchange Commission (SEC), has been created. The Zurich office of Reyl bank is led by Thomas H. Dürmüller, chairman of the board, and Sales Bischofberger, a board member.
04/07/2012

La hausse de traitement des fonctionnaires validée

Le conseil des ministres a examiné un décret sur le relèvement du traitement des 1,1 million de fonctionnaires français, dans le sillage de la hausse du smic au 1er juillet. Dans la fonction publique, le relèvement du traitement conduit à une rémunération mensuelle brute de 1.426,13 euros. Cette hausse représente pour l’ensemble des employeurs publics un coût de 546,9 millions d’euros en année pleine et de 273 millions d’euros pour la seule année 2012.
04/07/2012

Madrid va dévoiler de nouvelles mesures d'austérité

Selon Reuters, l’Espagne met la dernière main à un plan qui devrait lui rapporter jusqu'à 30 milliards d’euros. Il impliquerait, au niveau de la hausse des recettes, une augmentation du principal taux de TVA, la création d’un prélèvement sur l'énergie et de nouveaux péages autoroutiers. La baisse des dépenses serait obtenue par une réforme du système de retraites, une baisse des traitements dans la fonction publique et une nouvelle réduction importante des budgets des ministères et des régions.
04/07/2012

Baisse du besoin de financement de l'Etat pour 2012

Le besoin de financement de l’Etat français a été revu en baisse pour 2012 compte tenu du PLFR présenté par le gouvernement pour 2012. Il s’établit désormais à 180,3 milliards d’euros contre 184 milliards précédemment, selon l’Agence France Trésor. Le montant des émissions à moyen long terme nettes des rachats reste inchangé à 178 milliards d’euros. En revanche la variation nette des BTF est portée à -7,7 milliards d’euros contre -4,3 milliards dans la loi de finances du 14 mars.
04/07/2012

Le budget rectificatif prévoit 7,2 milliards d’impôts en plus

Le projet de budget rectificatif pour 2012, présenté au Conseil des ministres, prévoit 7,2 milliards d’euros d’impôts supplémentaires. Les nouvelles hausses d’impôts porteront à 53% sur les ménages et 47% sur les entreprises, les ménages les moins aisés et les «classes moyennes» étant épargnés. Pour 2013, la hausse des recettes serait de 13,3 milliards d’euros. Les sommes les plus importantes attendues pour 2012 viennent notamment d’une contribution exceptionnelle sur la fortune pour les contribuables assujettis à l’ISF, des prélèvements sur les secteurs bancaires et pétroliers et de la suppression des exonérations sur les heures supplémentaires dans les entreprises de plus de 20 salariés. Le régime des successions est durci et une taxe sur les dividendes est créée, tandis que la «TVA sociale» est supprimée. Le gouvernement va relever de 8 à 10% le forfait social qui pèse sur l’intéressement et la participation, dont il compte engranger 550 millions au profit de la sécurité sociale. Les stock-options sont dans le collimateur. La contribution sociale patronale doit passer de 14 à 30 %, la part salariale à 10%. Enfin la taxe sur les transactions financières est relevé de 0,1 à 2%, celle sur les risques systémiques passe de 0,25 à 05%.
Le ministère des Finances vu de la BnF. Photo: PHB/Agefi

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