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22/03/2012

Hardford exits from variable annuities under pressure from Paulson

Hartford Financial Services Group Inc on Wednesday announced that it would be exiting its variable annuities business, and will consider the sale of a large part of its life insurance operation, the Wall Street Journal reports.The move is intended to increase the firm’s share price, and thus to satisfy the demands of the hedge fund manager Paulson & Co, the largest shareholder in The Hartford with 8.5%, which is calling for a “drastic” changes at the firm, which is over 200 years old. The Hartford will concentrate on property and casualty insurance, employee benefits and mutual funds, areas where returns on owners’ equity are expected to reach 12-13% this year. This is not enough for Paulson, who claims that it represents only a first step.
22/03/2012

Management pay scales rise in asset management

Pay scales for CEOs at Federated Investors, Franklin Resources and T. Rowe Price Group, which are three of the seven largest asset management firms listed on the US stock markets, rose 28% in 2011, to a total of USD22.4m, the Wall Street Journal reports. Some experts predict similar incrases at Invesco and State Street. However, the CEOs of Janus and BlackRock have seen pay cuts.
22/03/2012

Deutsche Bank enlarges its fund range with Allfunds Bank

Deutsche Bank, which has been operating with open architecture since 2001, already offers funds from 25 international asset management firms, and it has recently extended its range to include products from a further 10 managers, which allows it to offer about 900 funds, Funds People reports. Allfunds Bank has signed an agreement to join the network of the German bank; the Spanish firm will now offer its services via the investment centre of the commercial banking division and via the private bank operation of Deutsche Bank.
22/03/2012

Assets down at Generali

In its asset management business Generali had total assets under management at EUR424,433 million at the end of 2011 (vs EUR 432,043 million FY10), with third-party assets at EUR88,207 million (+3.4% on a like-for-like basis). The operating result in the Financial Services segment was EUR342 million (EUR354 million FY10). «The trend (-3.3%) was particularly affected by the decrease in net commissions, reflecting trends on the financial markets. The net result on financial operations improved, thanks specifically to the increase in the intermediation margin», according to a financial statement.
22/03/2012

Lyxor lists three more bond ETFs in Frankfurt

Deutsche Börse has announced that a further three ETF funds from the French firm Lyxor Asset Management (Société Générale group) have been admitted to trading on the XTF segment of the Xetra electronic platform, bringing the total number of funds listed on the segment to 947.These include three French-registered bond ETFs, each of which charge fees of 0.165%, the Lyxor ETF EUROMTS AAA Macro Weighted Government 1-3Y, the Lyxor ETF EUROMTS AAA Macro Weighted Government 3-5Y and the Lyxor ETF EUROMTS AAA Macro Weighted Government 5-7Y.
22/03/2012

Qatar controls 2% of capital in Vivendi

Qatar Holding, the Qatar sovereign fund, has since the beginning of the year increased its stake in the Vivendi group, a document from the telecoms and entertainment group announces. Qatar, which had already acquired 1.55% of capital in Vivendi in 2011, held 24,96 million shares as of the end of February, equivalent to about 2% of capital, the document states, confirming information published by the website WanSquare. The acquisition, which represents an investmnt of EUR356m at current share prices, comes in addition to a long list of investments already made by the emirate in French businesses. Qatar, which has recently increased its stake in the Lagardère media group to 12.8%, has also invested in Total, LVMH and Vinci.
22/03/2012

AlphaPlus launches a dynamic version of its AR fund

In addition to the AlphaPlus Absolute Return fund, the Spanish asset management firm AlphaPlys has launched the Luxembourg fund AlphaPlus Absolute Return Plus, a more dynamic version, which aims for annual returns of 5-8%, with average volatility of 6%, Funds People reports. The product is managed by Francisco Esteban, for the tactical portion, and Edwin Voerman, for the mid-term and pair trading portion. The fund is a multi-asset class product (equities, bonds, currencies, fixed income and commodities ETFs), with a management commission of 0.55%, and a performance commission of 9%.
22/03/2012

Merchant Capital and Astor release an ETF fund

The CNMV has issued a sales license for the UCITS-compliant fund Merchant Astor Long/Short UCITS, from Merchant Capital, which applies a strategy by the US firm Astor Asset Management, an affiliate of Knight Capital Group, Funds People reports.The absolute return product invests in 15 to 20 ETF funds replicating the most favourable indices depending on the position in the economic cycle.
22/03/2012

East Capital merges two funds

The announced merger of the Convergence Eastern European Sub-fund into the Eastern European Sub-fund in East Capital (lux) has now been executed, says East Capital in a press release.
22/03/2012

Gougenheim puts of launch of a fund

The former head of hedge funds from Unigestion, Philippe Gouhengeim, will launch his first fund, Glasnost Fund, in September, rather than 1 June. He made the announcement in a statement explaining that the delay is due to a ski accident in which his right Achilles tendon was ruptured. Gougenheim, who founded Gougenheim Investments in February, has announced that he has nonetheless selected JP Morgan as prime broker for the fund, and Pictet as custodian and administrator.
22/03/2012

GAM launches an emerging markets equity fund

The Swiss asset management firm GAM has announced the launch of the GAM Star Emerging Equity fund, a UCITS-compliant long-only fund investing in emerging markets equities, in London. The portfolio of the Irish-registered product available in 10 currencies will include 100 to 150 positions.The two co-managers, Tim Love and Joaquim Nogueira, will use a fundamental valuation approach, which combines exclusive securities selection tools with a top-down thematic overlay and timing strategies.The fund currently has a sales license in Ireland, the United Kingdom and Luxembourg.CharacteristicsName: GAM Star Emerging EquityISIN code: IE00B55Y9W63Management commission:Institutional share class: 0.90%Ordinary share class: 1.50%
22/03/2012

AEW Europe crée un fonds de dettes de 500 millions d’euros

Le gestionnaire d’actifs a confirmé à Business Immo le lancement d’un fonds de dette immobilière, d’une capacité d’investissement de 500 millions d’euros. «Ce fonds cible la dette hypothécaire senior avec un ratio de loan to value (LTV) de 60 % maximum et pour sous-jacents des actifs de bureaux, commerces et logistiques », précise le site internet. Trois marchés sont ciblés: la France, le Royaume-Uni et l’Allemagne.
22/03/2012

Le FMI accorde 500 millions d'euros à la Roumanie

Le Fonds monétaire international a débloqué 500 millions d’euros supplémentaires à titre de précaution pour la Roumanie. Cela porte à 2 milliards d’euros le plafond de la facilité de crédit mise à disposition de Bucarest.
22/03/2012

Paris se penche sur la hausse des prix du pétrole

«La France étudie avec ses partenaires toutes les options possibles pour lutter contre la hausse du prix du pétrole. La libération d’une partie des stocks stratégiques des pays industrialisés constitue l’une de ces options», a indiqué le Ministère de l’Industrie et de l’Energie.
22/03/2012

Coe-Rexecode esquisse un environnement plutôt favorable

Selon les projections économiques mondiales pour 2012-2013, la nouvelle équipe gouvernementale qui va se mettre en place en France bénéficiera d’un environnement économique plutôt favorable. Le taux de croissance mondiale est attendu à 3,8% en 2013, après 3,3% en 2012. En France, il remontera de 0,6% cette année à 1,4% ou plus l’an prochain.
22/03/2012

Les défauts de crédit ont reculé en 2011

Selon l'étude de défaillance annuelle de S&P, 53 émetteurs ont fait défaut l’an dernier, contre 81 en 2010 et 265 en 2009. Les montants de dette concernés s'élèvent à 84,2 milliards de dollars (95,7 milliards en 2010). 52 des 53 émetteurs défaillants étaient notés en catégorie «spéculative» au début de 2011. Au niveau mondial, le taux de défaillance s'établit à 0,75% en 2011 contre 1,15% en 2010.
22/03/2012

Collecte positive en février du Livret A et du LDD

La collecte du Livret A et du Livret de Développement Durable au titre du mois de février 2012 est positive avec 2,1 milliards d’euros pour l’ensemble des réseaux. Sur les deux premiers mois de l’année, elle s’élève en cumulé à 6,97 milliards d’euros. L’encours total sur les deux produits atteint ainsi 293,8 milliards d’euros à fin février 2012.
22/03/2012

Groupama AM se tourne vers l'international

La filiale du groupe mutualiste d’assurance a souffert en 2011. Son résultat net a reculé de 10% à 23 millions d’euros, mais de 24% si l’on exclut l’effet de l’intégration de Groupama Fund Pickers. Son activité dépend encore trop de sa maison mère, en difficulté.
22/03/2012

Les contrats futures sur OAT renaissent

Eurex lancera le 16 avril un contrat sur la dette française. Depuis l'échec du Matif à la fin des années 90, les futures sur le Bund allemand détiennent le monopole de ce marché en zone euro, au grand dam du Trésor. Reste à attirer la liquidité pour assurer le succès du nouveau contrat.
APP 2017 - 5
22/03/2012

Londres se désengage du contrôle aérien

Le gouvernement britannique devrait annoncer selon le quotidien la mise en vente d’une part de sa participation de 49% au capital de National Air Traffic Services, contrôleur du trafic aérien outre-Manche. Le montant de la transaction pourrait atteindre 250 millions de livres. De nombreux investisseurs spécialisés dans les infrastructures auraient exprimé un intérêt.
APP 2017 - 20

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