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28/12/2011

BlackRock recrute chez Bank of America pour le fixed income

BlackRock a récemment recruté Jeffrey Rosenberg au poste de chief investment strategist pour le fixed income. Sa mission consistera à renforcer la gamme dédiée aux investisseurs particuliers, notamment aux Etats-Unis. L’intéressé était auparavant head of global credit strategy research à Bank of America Merrill Lynch.
28/12/2011
Fonds

Carlyle a rendu 15 milliards de dollars aux investisseurs

Le groupe de capital investissement Carlyle a rendu un montant record de 15 milliards de dollars aux investisseurs sur les neuf premiers mois de l’année, rapporte le Financial Times. Un montant équivalent aux remboursements réalisés par TPG (4 milliards de dollars),Blackstone (6 milliards de dollars) et KKR (5 milliards de dollars).Les actifs sous gestion de Carlyle ont néanmoins progressé de 107 milliards fin 2010 à environ 148 milliards de dollars grâce notamment à des acquisitions.
Fonds
28/12/2011

Investors remain on the defensive

Investors in the second to last week of the year did not how the festive colours traditionally associated with the holiday season. As they closed their books, investors remained on the defensive, according to the most recent estimates from EPFR Global. In the week to 21 December, equity funds saw a net outflow of USD2.8bn. A notable exception is US equity funds, which have seen a net inflow of over USD5bn, thanks to US ETF funds, which attracted USD8.39bn, largely offsetting an outflow of USD3bn from US equities. Since the beginning of the year, net outflows from equity funds overall have totalled slightly over USD160bn, compared with a net inflow of USD53.6bn for 2010 as a whole. Bond funds attracted USD1.82bn in the week under review, while money market funds for their part have posted a net inflow of USD5.65bn. Since the beginning of the year, bond funds have posted a net inflow of USD108.6bn, compared with nearly USD500bn the previous year. A few days from the end of the year, EPFR Global predicts that several categories of funds, including US equity, Latin American, EMEA (Europe, Middle East, and Africa), BRIC, infrastructure, financial sector funds, and funds dedicated to European bonds, will be likely to post all-time record outflows for the year as a whole. However, some categories will be likely to finish the year with levels of inflows never seen before, including sectoral funds (utilities, health, biotechnologies), funds dedicated to German and Italian equities, and mortgage-backed bond funds.
28/12/2011

State Street confidence index falls slightly in December

The global investor confidence index published by State Street Associates came out at 99.3 points in December, slightly down, by 0.1 points, from a corrected level of 99.4 in November. In North America, the investor confidence index fell 2.0 points, to 96.4, compared with a corrected level of 98.5 in November, while in Asia, the regional index fell 1.0 points to 93.7, from 94.7 (corrected level) the previous month. Institutional investors in Europe have escaped the trend, with the regional index indicating an increase of 0.6 points to 102.2 from a corrected level of 101.6 in November. “By region, European investors are more optimistic than their counterparts in North America and Asia, for the second consecutive month,” says M. O’Connell, author of the index. “This trend contrasts with the first quarter of the year, when European investors were most pessimistic. This does not necessarily mean that outlooks for the region itself have improved, but the trend suggests that European institutions are more prepared to make allocations to equities, in Europe and elsewhere, which they were not at the beginning of the year.”
28/12/2011

Carlyle returned USD15bn to investors in January-August

The private equity group Carlyle returned a record USD15bn to investors in the first nine months of the year, the Financial Times reports. This amount is equivalent to money returned by TPG (USD4bn), Blackstone (USD6bn), and KKR (USD5bn) combined. Assets under management at Carlyle have increased from USD107bn as of the end of 2010 to USD148bn, largely due to acquisitions.
28/12/2011

Gold markets claim high-profile victims in 2011

This year, gold may have gained 12% in value, but at the same time, shares in gold mines have lost nearly 16%, the Wall Street Journal reports. Some of the smallest actors in the gold mining industry have even lost as much as 40%, on the basis of returns on ETFs dedicated to gold mining shares. These results have caught some of the biggest investors on Wall Street by surprise, including Jahn Paulson, George Soros, David Einhorn, Seth Klarman and Thomas Kaplan, who had all placed smaller or larger bets on gold mining, sometimes even at the expense of investing directly in the metal.
28/12/2011

Berenberg rationalises asset management

The German private bank Berenberg has recently announced that its asset management activities will now be brought together in a single entity. Previously, asset management had been divided into two units: the affiliate Berenberg LuxInvest, and asset management at the parent company Berenberg Bank. The bank claims that uniting asset management in a single entity will make it more effective and bring growth. Clients of the German private bank include institutional and retail investors.
28/12/2011

Managers predict double-digit growth for Dax in 2012

In Germany, the vast majority of independent fund managers are not despairing over the state of the stock markets. They are even predicting significant growth for the DAX index in 2012, according to a survey by DAB Bank of more than 50 experts. The survey finds that 85% of respondents are predicting growth for the DAX next year. To be extact, 54% predict that the index will rise above 7,000 points, while 15% even predict that the DAX will rise above 8,000. The average projection is of the DAX rising to 6,860 by the end of 2012, which implies growth of about 17% over its current levels. For bonds, three out of four experts recommend German government bonds, while 39% prefer local SMEs. Only 18% of respondents prefer Federal government bonds, while 13% prefer emerging market debt. However, managers are divided over outlooks for the price of gold, with 47% expecting further increased, whlie 38% predict that the metal will fall below USD1,500 per ounce.
28/12/2011

BlackRock recruits from Bank of America for fixed income

BlackRock has recently recruited Jeffrey Rosenberg as chief investment strategist for fixed income. His mission is to strengthen the product range dedicated to retail investors, particularly in the United States. Rosenberg had previously been head of global credit strategy research at Bank of America Merrill Lynch.
28/12/2011

Judging results of top actively managed funds

The performance registered by five of the best-known actively-managed mutual funds in the past ten years (Dodge & Cox Stock, Vanguard Windsor and three funds from American Funds – Investment Company of America, Fundamental Investors and Growth Fund of America) can be entirely explained by their exposure to three factors: beta, size, and management style. In other words, this analysis by IndexUniverse for the Wall Street Journal suggests that it would be easy to replicate these strategies through the use of ETFs at a much lower cost, which would allow for significant savings on commissions, the Wall Street Journal estimates.
28/12/2011

Areva in talks with FSI over stake in Eramet

Areva and the Strategic Investment Fund (FSI) on 27 December announced in a brief statement that they have “entered into exclusive negotiations to sell Areva’s participation in Eramet.” Areva, which controls 26% of capital in Eramet, announced in December that it was planning to sell assets for over USD1.2bn, as part of a recovery plan to balance its books. The FSI, which had previously expressed an interest in acquiring the stake, soon announced that it had begun discussions with the nuclear group.
28/12/2011

US municipal bonds in top form

US municipal bonds have defied predictions to turn in one of their best years ever in 2011. With returns of more than 10% since the beginning of the year, municipal bonds issued by approximately 45,000 issuers (cities, counties, states, universities and hospitals) have finished the year at the top of the rankings of US investments, outpacing government and corporate bonds. Municipal bonds have profited from a general downward trend in long-term interest rates, while in order to avoid default, local authorities have drastically cut their spending. However, they remain vulnerable to a drop in activity, due to their weakened financial condition.
28/12/2011

Laborious work to enact Dadd-Frank law

18 months after its passage, the Dodd-Frank law is hitting snags in being applied. Barely one quarter of the rules laid out in the legislation have been finalised, the Washington Post reports. According to the most recent monthly report by the law firm Davis Polk, regulators on 1 December published 154 proposed regulations, and finalised 74, but were also unable to meet the deadline for 200 texts.
28/12/2011

AMF sets up a committee to transpose MiFID directive

The French financial market regulator, the Autorité des marchés financiers (AMF), is preparing to hand the preparatory work to transpose the Markets in Financial Instruments Directive (MiFID) into national law to a market committee including all asset management participants, the AMF says in the most recent edition of its financial regulation letter (December 2011). The committee will be co-chaired by two members of the College of the AMF, Monique Cohen and Jean-Luc Enguehard, and will aim to set up the steering principles for the transposition and the strategic areas which the AMF and/or other French authorities may act on to improve the competitiveness of innovative management. With this in mind, the committee is planning to create four thematic groups which will work on related topics, including 1) the establishment of a secure framework to balance investor protection with competitiveness of the market in innovative management, 2) new challenges arising from the directive which could call the French model into question, 3) depositories, and 4) making the directive compatible with other directives applicable to asset management. On the basis of the work of the different groups, the market committee will compose a report which will be submitted to consultation in May 2012. The actual work of transposing the directive may then begin from June 2012 onwards. The general direction of the Treasury would then have one year to propose legislative and regulatory modifications. The AMF, for its part, may introduce modifications to its own general rules to introduce the necessary instructions by the deadline to transpose the directive (22 July 2013).
28/12/2011

Les consommateurs américains reprennent confiance

La confiance du consommateur américain a bondi plus que prévu en décembre pour atteindre un plus haut de huit mois, les ménages étant un peu moins inquiets quant aux perspectives d’emploi et de revenu. L’indice du Conference Board est ressorti à 64,5 contre 55,2 en novembre. Il est au plus haut depuis avril et dépasse le consensus qui le donnait à 58,3.
28/12/2011

Le déficit budgétaire chinois diminuera en 2012

Une source du ministère des Finances cité par le Shanghai Securities Journal révèle que le déficit public de la Chine va diminuer en 2012. Les dépenses budgétaires devraient augmenter de 11% à 11.100 milliards de yuans (1.338 milliards d’euros) en 2012, alors que les recettes augmenteront de 9%, impliquant un déficit de 800 milliards de yuans, soit 50 milliards de moins que le déficit attendu cette année.
28/12/2011

Les mises en chantier de logements neufs en hausse en France

D’après les chiffres officiels publiés hier, les mises en chantier de logements neufs en France ont augmenté de 20,2% sur un an à fin novembre, à 405.860, et de 16,5% sur trois mois, à 115.627. Le nombre de permis de construire délivrés pour des logements a lui augmenté de 16,4% sur 12 mois, à 521.338, et de 27% sur trois mois, à 144.336.
28/12/2011

Les ventes de Noël au plus bas depuis des décennies en Grèce

Après quatre ans de récession, les magasins en Grèce ont connu leur pire Noël depuis des décennies avec des ventes en baisse de 30% par rapport à l’année passée, selon la fédération du commerce de détail ESEE. Cette forte baisse des ventes a eu lieu malgré d’importantes réductions proposées par les magasins à l’approche de Noël.
28/12/2011

Xavier Bertrand prône des solutions rapides contre le chômage

Le gouvernement français espère mettre en œuvre des mesures sur l’activité partielle et les «pactes compétitivité emploi» dans les entreprises d’ici à l'élection présidentielle de 2012 afin de lutter contre la hausse du chômage, a déclaré hier le ministre du Travail, Xavier Bertrand.
28/12/2011

Nominations en vue au conseil de la Fed

Le président américain, Barack Obama, prévoit de nommer deux anciens responsables du Trésor, Jerome Powell et Jeremy Stein, au conseil de la Réserve fédérale. Le premier a été sous-secrétaire d’Etat sous l’ère George W. Bush, tandis que le second a conseillé l’administration actuelle.
28/12/2011

Les conservateurs grecs n'exigent plus d'élections dès février

Les membres du parti Nouvelle Démocratie (ND) ont apparemment renoncé à leur exigence d'élections législatives anticipées dès le 19 février prochain, ce qui laisserait quelques semaines supplémentaires au Premier ministre, Lucas Papadémos, pour mettre en œuvre les réformes.
28/12/2011

Le Trésor américain appelle Pékin à progresser sur le yuan

La Chine ne manipule pas sa monnaie, mais elle devrait accélérer la réforme de la convertibilité du yuan, estime le Trésor américain dans son rapport semestriel. «Le Trésor va surveiller étroitement le rythme de l’appréciation et faire campagne en faveur de réformes qui donneront (au yuan) une plus grande flexibilité, une égalité de traitement et une croissance tournée vers la demande intérieure», indique le rapport.
28/12/2011

Rome veut améliorer la liquidité du marché

Le Trésor italien, qui prévoit d'émettre un montant brut de 450 milliards d’euros l’an prochain, compte être très actif sur les marchés monétaires et sur la dette à court terme. Il se dit ainsi prêt à conduire des émissions non planifiées. Pour la dernière adjudication de l’année, Rome espère placer demain jusqu'à 8,5 milliards d’euros de titres longs.
27/12/2011

CSSF issues warning over Forest4YOU

According to information obtained by the Luxembourg financial sector surveillance commission (CSSF), the entity known as Forest4YOU Capital S.A. has been offering those it contacts several types of investments which are said to be guaranteed by a bank entitled C.I.B. Capital Investment Bank S.A. The CSSF informs the public that neither Forest4YOU Capital S.A., noe C.I.B. Capital Investment Bank S.A. has the necessary licenses to provide financial services in or from Luxembourg. Forest4YOU Capital S.A. claims to be located at the address 5, rue Jean Monnet, L-2180 Luxembourg (website: www.forest4you.eu).
27/12/2011
Gestion d'actifs

EDF détient autant d'actions que de titres de créances dans ses actifs dédiés

Dans un article paru dans Newsmanagers, Bernard Descreux revient sur les grandes caractéristiques de la gestion d’actifs au sein d’EDF. Bernard Descreux sera chargé de veiller sur les actifs long terme du groupe et de ses salariés : actifs dédiés à la couverture des charges du parc nucléaire pour le démantèlement des centrales et le traitement des déchets, actifs de retraite et d'épargne salariale. « Avec un total d’actifs gérés de 25 milliards d’euros, la Division Gestion d’Actifs met en ??uvre une gestion de long terme destinée à couvrir les engagements de long terme liés au parc nucléaire français ainsi que les engagements de retraite », ajoute le nouveau responsable. En outre, la gestion des actifs dédiés représente plus de 15 milliards d’euros constitués d’actifs financiers également répartis entre actions et titres de créances pour plus de 13 milliards d’euros et d’un actif d’infrastructure (50% de RTE). Dans ce cadre, rappelle Bernard Descreux, la Division fait appel aux compétences des plus grandes sociétés de gestion. La gestion des actifs pour la couverture des charges de retraite et de fin de carrière représente également 7 milliards d’euros et fait appel à des partenariats avec plus de 25 compagnies d’assurances et sociétés de gestion. Enfin, l'épargne salariale du groupe représente des actifs de 4 milliards d’euros environ confiés à 7 sociétés de gestion.
Gestion d'actifs

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