Recherche
S'abonner
Connexion
Asset Management
Accueil Asset Management Actualités
14/10/2011

L'Allemagne victime d'un atterrissage brutal

Selon les principaux instituts de conjoncture du pays, la croissance allemande va s’effondrer l’an prochain, atteignant tout juste 0,8% contre 2,9% en 2011, avec une contraction de 0,2% ce trimestre. La faute en incombe à la crise des dettes souveraines en zone euro.
13/10/2011

Le capital investissement risque une pénurie de ressources

Les professionnels du capital investissement ont collecté 1,471 milliards d’euros au premier semestre 2011, en recul de 6% par rapport au 1er semestre 2010, pour atteindre un niveau proche des plus bas historiques, indique l’Association Française des Investisseurs en Capital (AFIC) et Grant Thornton dans une étude. Pour le sixième semestre consécutif, les levées de fonds sont inférieures aux investissements, traduisant un déstockage progressif et donc un risque de tarissement des ressources.
13/10/2011

Avertissement de la BCE sur la décote souveraine

La Banque centrale européenne (BCE) a déclaré qu’obliger les créanciers obligataires privés à accepter des pertes sur la dette souveraine de la zone euro pourrait porter atteinte à l’euro et aux banques de la région et produire plus de volatilité sur le marché des changes. «En particulier, les investisseurs internationaux publics et privés pourraient y regarder à deux fois avant d’investir une bonne partie de leurs avoirs dans des actifs libellés dans une monnaie d’Etats souverains qui pourraient ne pas remplir intégralement leurs engagements».
Markit 3
13/10/2011

L'AFT adjugera 8 milliards de BTF le 17 octobre

L’Agence France Trésor annonce l’adjudication le lundi 17 octobre d’un montant global de 8 milliards d’euros de bons du Trésor (BTF). Cette opération portera sur 4,5 milliards d’euros de bons à 13 semaines qui arriveront à échéance le 19/01/12, sur 1 milliard d’euros de bons à 16 semaines à échéance du 09/02/12, sur 1 milliard d’euros de bons à 26 semaines à échéance du 19/04/12, et sur 1,5 milliard d’euros de bons à 48 semaines à échéance du 20/09/12.
13/10/2011

La crise de la dette menace l’économie allemande

Le plus grand risque pesant sur l'économie allemande est celui d’une accentuation de la crise européenne de la dette, qui pourrait entraîner un durcissement des conditions de crédit, ont averti jeudi les principaux instituts économiques du pays. Les huit instituts ont abaissé leur prévision de croissance pour la première économie européenne, à 0,8% en 2012, bien loin des 2 % projetés en avril dernier.
13/10/2011

Le déficit commercial britannique se réduit en août

Le déficit commercial britannique s’est réduit au mois d’août plus fortement qu’attendu, les exportations en valeur ayant atteint un niveau record, tandis que les importations ont légèrement baissé, selon les dernières données officielles publiées jeudi. Selon l’Office national de la statistique, le déficit commercial a été ramené à 7,768 milliards de livres sterling (8,86 milliards d’euros) en août, contre 8,154 milliards (9,312 milliards d’euros) en juillet, en net retrait par rapport aux prévisions de 8,8 milliards (10,05 milliards d’euros).
13/10/2011

Les risques qui pèsent sur l'Asie sont en nette hausse

Les risques à court terme pesant sur les économies asiatiques sont en nette hausse en raison de la crise de la dette en Europe et du ralentissement de l'économie américaine, a estimé jeudi le Fonds monétaire international, appelant à une riposte rapide des dirigeants politiques. Le FMI a également mis en garde contre le risque d’une fuite des capitaux de la région, si les investisseurs étrangers décidaient de liquider les positions massives qu’ils se sont constituées sur les marchés asiatiques depuis 2009.
13/10/2011

Baisse du rendement lors de l'adjudication italienne

Le rendement brut de l’adjudication de BTP (obligations) italiennes à cinq ans a diminué à 5,32% contre un plus haut de l'ère euro de 5,6% le mois précédent. Ce rendement est au plus bas depuis les 4,93% de l’adjudication de juillet dernier. L’Italie a adjugé jeudi pour 6,2 milliards d’euros de dette, à comparer à l’objectif qui variait de 4 à 6,5 milliards d’euros. Cette adjudication comprenait globalement 3,5 milliards d’euros de titres à cinq ans, ainsi que du papier à échéance 2018, 2021 et 2025.
13/10/2011

La BCE aurait acheté des BTP italiens après l'adjudication

La Banque centrale européenne est intervenue jeudi pour acheter de la dette italienne à l’issue d’une adjudication, ont dit des traders. Selon eux, la BCE a acheté d’abord et surtout des BTP italiens d’une échéance autour de 10 ans, peu après qu’eurent été publiés les résultats de l’adjudication italienne. Auparavant, le rendement à 10 ans était monté à 5,87%, au plus haut depuis que la BCE s’est engagée dans les achats d’obligations italiennes en août. Le rendement est retombé à 5,80%, en hausse de six points de base sur la journée.
13/10/2011

Julius Baer reportedly interested in acquiring Sarasin from Rabobank

The Börsen-Zeitung reports that the Zurich-based firm Julius Baer neither confirms nor denies rumours that it has expressed interest in acquiring Basel-based Banque Sarasin from Netherlands-based Rabobank Group, which controls 46.6% of capital and 69% of voting rights.However, the potential buyer is reportedly offering to pay with shares in Julius Baer, which may not suit Rabobank, as Julius Baer is embroiled in a tax scandal in the United States.In addition, the board of directors at Sarasin claims that the share trade would be disadvantageous for minority shareholders.
13/10/2011

UBS: Ten executives dismissed over Adoboli scandal

UBS appears to be cleaning house in London, following the discovery in mid-September of fraud by one of its traders, Kweku Adoboli, which lost the bank USD2.3bn, Handelszeitung reports. Ten top executives have either left the bank, been suspended or fired. A spokesperson for UBS confirms the reports.Last week, UBS announced the departure of two co-heads of global equity trading, François Gouws and Yassine Bouhara. According to the HandelsZeitung, Bouhara’s deputy, Chief Operations Officer Niraj Gudka, has also since left the firm, as has Gouws’ second in command, Sethu Palaniappan.
13/10/2011

Peter de Proft becomes vice-president of ESMA's stakeholder group

The Securities and Markets Stakeholder Group (SMSG) of the European Securities Markets Authority (ESMA) on 11 October elected Guillaume Prache as president of the group for a two-year term, ESMA announced in a statement on 12 October. Prache will be assisted by two vice-presidents, who were also elected on 11 October: Judith Hardt, secretary general of the Federation of European Stock Exchanges (FESE) and Peter de Proft, CEO of the European Finance and Asset Management Association (EFAMA). The SMSG has been set up by ESMA to help facilitate consultation with stakeholders in areas relevant to the tasks of ESMA. The Group is made up of 30 representatives of financial market participants, their employees as well as consumers, users of financial services, small and medium enterprises and academics.
13/10/2011

Synthetic ETFs may lose UCITS label

Jean-Claude Trichet on 11 October estimated that the UCITS label may be withdrawn from some complex products such as synthetic ETFs.“Due to the opactity and complexity of some UCITS structured products, for example synthetic ETFs, the European systematic rick committee has proposed considering withdrawing the UCITS label from such structures, which would make it possible to maintain the simplicity of UCITS products,” Trichet said, speaking as chairman of the European Systematic Risk Board (ESRB) in a speech to the European Parliament.
13/10/2011

Lombard Odier boosts institutional sales team in Asia

Lombard Odier has expanded its institutional sales team with the appointment of three new members in Asia-Pacific. Sheau-Yien Wang joins the institutional sales team where she is responsible for key institutional client relationships in South East Asia. Wang was previously with State Street Global Advisors Singapore Limited for over ten years where she was most recently managing director, head of sales Asia (ex Japan). Joanna Wong joins the institutional sales team responsible for developing Lombard Odier’s third-party distribution in Asia. She was previously at AllianceBernstein, where over more than 12 years at the firm she held various leadership roles covering sales and distribution. She worked most recently on strategy and product development. Hyoung Nam Kim joins as director of business development for Korea, where he will be focused on intensifying the firm’s presence in Korea and covering our client base there. Before joining Lombard Odier, he was the executive director, institutional sales for Goldman Sachs Asset Management group in Seoul, South Korea. Sheau-Yien Wang and Joanna Wong are based at Lombard Odier’s Singapore office and Hyoung Nam Kim works at its Hong Kong offices. “Enhancing our institutional sales service and expanding our institutional offering are key elements of our growth plan in Asia,” said Vincent Duhamel, limited partner and regional head of Asia.
13/10/2011

Strategic partnership announced by Julius Baer and Macquarie

Swiss-based Julius Baer Group and the Australia’s Macquarie Group on 13 October announced that they have signed a strategic cooperation agreement in the areas of private and investment banking for North and South-East Asia.Under the agreement, Julius Baer will process investment banking transactions for its clients through Macquarie, while Macquarie will offer its clients Julius Baer private banking services. Macquarie will also offer a wider range of investment banking products to Julius Baer clients in Asia.The activities of the private wealth unit of Macquarie in Asia will be transferred to Julius Baer. The unit has offices in Singapore and Hong Kong, and about USD1bn in assets.
13/10/2011

Assets down at Invesco, Legg Mason, AllianceBernstein and Franklin

The turbulent markets in September led to a fall in assets under management for four big-name US asset management firms, which simultaneously released reports about their asset levels.Franklin Resources as of the end of September had USd659.9bn in assets under management, compared with USD716.4bn one month earlier, following a contraction of USD32.6bn for its equity portfolio, to USD254.2bn.Legg Mason, for its part, has announced assets of USD611.8bn, compared with USD643.4bn at the end of August, while Invesco has fallen below USD600bn, with USD588.4bn, compared with USD629.4bn. This decline of USD31bn is due to a contraction of USD23.2bn for the equity portfolio.AllianceBernstein (Axa group) has posted assets of USD402bn as of the end of September, compared with USD433bn as of the end of August. The equity portfolio has fallen by USD25bn in one month, to USD131bn.
13/10/2011

Bill Gross in strategy about-face

Bill Gross has taken a 90-degree turn with the strategy of his USD242bn fund, in the wake of underperformance, the Financial Times reports. Though Gross had pulled out of US bonds in February, due to inflationary concerns, the Pimco manager reinvested in the assets over the summer. More recently, he has made a big bet on long-term interest rates which represents a major change in the composition of his fund.
13/10/2011

Warren Buffett proves that he pays too little in taxes

Warren Buffett, chairman & CEO of Berkshire Hathaway, has explained his campaign to raise taxes for the rich in a letter to Congressman Tim Huelskamp, a Republican from Kansas, the Wall Street Journal reports. Buffett says that he made USD62.85m in 2010, but paid less than USD7m in taxes, which represents an effective tax rate of only 17.4%. That is lower than the 18.2% paid by taxpayers with incomes of USD103,000 to USD163,000.
13/10/2011

Mike Kimelman sentenced to two and a half years in prison

The hedge fund manager Michael Kimelman, co-founder of Incremental Capital, was sentenced on Wednesday to two and a half years in prison, Kimelman was found guilty in June of complicity in an insider trading case involving Avi Goffer, a former trader at Galleon Group, and his brother, Emanuel Goffer.
13/10/2011

Courts have gotten tougher on insider trading

The Wall Street Journal has determined that New York federal judges have sentenced those found guilty of insider trading to an average of two and a half years behind bars, in 108 cases over the last two years. The average sentence was 18 months in the last decade, and 11 and a half months between 1993 and 1999.
13/10/2011

Van Eck offers an ETF of Chinese bonds

The New York-based Van Eck Global has announced the launch of the Market Vectors Renminbi Bond ETF (acronym on NYSE-Arca: CHLC), which offers investors exposure to bonds denominated in Chinese yuan (or renminbi). The ETF seeks to replicate the evolution and performance of the Market Vectors Renminbi Bond Index (acronym: MVCHLC), before fees. The index focuses on investment grade bonds from issuers in and outside of China denominated in yuan.The product is the 37th in the ETF Market Vectors range, and management commission is capped to 0.39% until 1 May 2013. It is the third Market Vectors ETF to offer exposure to assets denominated in yuan.
13/10/2011

Investor morale at an all-time low

The situation has not been so tense since the crisis of 2008, according to a survey by GfK on behalf of JPMAM, which finds that 44.7% German investors who were predicting a fall on the stock markets between 2 and 16 September, compared with 23.3% in July. The investor confidence index comes out at 02.6% for September, compared with +1.0 in July. In September, the falling markets led 35.3% of respondents to consider an investment, compared with 30.3% in July.
13/10/2011

Long-term mutual funds post inflows in September

For the first time in three months, long-term mutual funds in September posted net subscriptions of USD3.8bn. However, redemptions were “tepid” in most asset classes, and US equity funds saw net outflows of USD6.9bn, according to Morningstar. In addition, outflows from money market funds appear not to have been redirected to long-term mutual funds.In the first nine months of the year, investors have withdrawn USD70bn from money market funds which were not reinvested in long-term funds. The difference in September came to USD14.1bn.US ETF funds, which have seen only one month of net outflows in the past 12 months, posted net subscriptions of USD4.1bn in September. Total assets under management in the ETF sector fell below USD1trn as of the end of September, for the first time since December 2010.
13/10/2011

Hedge fund assets return to 2006 levels

Assets in hedge funds have risen 6.7% in first half, to a total of USD2.16trn, according to figures from HedgeFund Intelligence. The sector now manages a higher level of total assets than in 2006, but lower than its pre-crisis peak in 2007, at USD2.6trn. According to HedgeFund Intelligence, this growth has profited the largest managers in the sector most of all. Funds with more than USD1bn in assets under management have seen growth in their assets of USd150bn in first half, to USD1.85trn. The 345 largest firms now manage 82% of assets in the sector.
13/10/2011

Hedge fund managers disappointed in returns

Only 11% of institutional hedge fund managers consider the performance of their investments to have been higher than expected in the past 12 months. The percentage of investors who estimate that the performance of their investments in hedge funds were higher or in line with expectations has fallen by 11 points since 2010, to 60%, says Preqin.However, 50% of hedge fund clients say that there is a need for more transparency on the part of funds; 48% think that improvements are needed in the area of performance commissions, and 43% would like to see some improvement in management commissions. 37% also think that asset managers should be less greedy with withdrawal fees.However, 44% also say that there has been some improvement in transparency in the past 12 months.Lastly, 35% of investors estimate that conditions have improved in the past twelve months. The study also finds that 29% of managers use the usual 2/20 fee structure, with 2% management commission and a 20% performance commission. On average, these commissions are 1.6% and 19.2%, respectively.

Sujets d'actualité

Tous les sujets