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13/10/2011

La Fed se réserve l'option d'un QE3

Selon les minutes du FOMC, des achats d’actifs à grande échelle sont perçus, si le besoin s’en fait sentir, comme un outil de politique monétaire «plus puissant».
13/10/2011

3i croit en la suprématie des marchés émergents

Dans un discours qu’il doit selon le quotidien prononcer aujourd’hui à l’occasion de la réunion de la British Venture Capital Association, le directeur général de 3i, Michael Queen, va mettre en avant le rôle moteur des marchés émergents dans le secteur du private equity. A tel point que le marché au sein des sept principaux pourrait dépasser celui du G7 d’ici 5 ans.
13/10/2011

Berlin milite pour un changement du traité européen

Le ministre allemand des Affaires étrangères, Guido Westerwelle, juge nécessaire de modifier dans les deux ans à venir les traités fondateurs de l’Union européenne. «Nous devons développer l’Europe comme une union de stabilité. Quiconque enfreint les règles doit savoir qu'à l’avenir, des sanctions suivront: pas seulement en théorie, mais dans la pratique» précise Guido Westerwelle au quotidien.
13/10/2011

Jörg Asmussen voit un système de changes « multipolaire »

Le vice-ministre allemand des finances estime dans un entretien accordé au quotidien qu’à l’avenir le système monétaire international ne manquera pas d’être davantage «multipolaire». Le dollar devrait certes conserver un rôle prépondérant au cours des prochaines années, mais son importance relative est vouée à diminuer.
13/10/2011

La Chine envisage un élargissement des bandes de fluctuation du yuan

Le temps pourrait être venu pour Pékin d’élargir les bandes de fluctuation du yuan de plus ou moins 5% du cours pivot fixé quotidiennement par la banque populaire de Chine, si l’on en croit le China Securities Journal. Une décision qui permettrait de «changer les anticipations à la hausse sur le yuan» et de «réduire l’entrée de flux spéculatifs dans l’économie chinoise et aider à ce que le yuan se traite librement dans le futur» précise le journal officiel chinois. Le ralentissement de l’excédent commercial chinois et les évolutions de change récentes à Hong Kong tendent à prouver que le yuan pourrait être proche de son «point d’équilibre».
12/10/2011

Les comptes courants déficitaires de 2,9 milliards d’euros en août

Le déficit des paiements courants de la France s’est réduit en août à 2,9 milliards d’euros après 3,8 milliards en juillet, montrent les chiffres provisoires publiés mercredi par la Banque de France. Le déficit des échanges de biens a diminué à 5,2 milliards d’euros, contre 6,4 milliards un mois plus tôt. Les échanges de services se sont stabilisés, dégageant un solde positif d’un milliard d’euros.
12/10/2011

La taxation des hauts revenus votée en commission des Finances

La commission des Finances de l’Assemblée nationale a adopté mercredi un mécanisme de taxation des hauts revenus modifié pour permettre à la France de ramener son déficit sous la barre des 3% du PIB. Les revenus compris entre 250.000 et 500.000 euros seront taxés à 3% et ceux supérieurs à 500.000 euros le seront à 4% mais, contrairement à ce qui était prévu, le mécanisme ne sera pas limité à deux ans et restera en vigueur jusqu'à ce que le déficit soit ramené sous les 3% de déficit.
12/10/2011

La BCE alloue 1,4 milliard de dollars à six banques européennes

La Banque Centrale Européenne a indiqué que six banques de la zone euro ont répondu à la première de ses trois opérations en dollars. Dans le cadre de cette émission à trois mois, la demande a porté sur 1,353 milliard de dollars au taux de 1,09%. La BCE a également alloué 500 millions de dollars à une banque dans le cadre de son émission hebdomadaire en dollars. Les deux émissions suivantes auront lieu les 9 novembre et 7 décembre.
12/10/2011

Bond inattendu de la production industrielle en août dans la zone euro

La production industrielle de la zone euro a augmenté contre toute attente en août, révèlent mercredi des données Eurostat, signalant que le ralentissement économique du troisième trimestre pourrait être moins marqué que redouté. La production industrielle dans les 17 pays de la monnaie unique a augmenté de 1,2% en août, affichant en rythme annuel une hausse de 5,3% .
12/10/2011

Le déficit budgétaire grec continue d'augmenter

Le déficit budgétaire de la Grèce s’est encore creusé en septembre en raison d’une récession portée par les mesures d’austérité, et ce en dépit de nouvelles mesures fiscales qui étaient censées augmenter les recettes. Le déficit budgétaire a augmenté de 15% annuellement, à 19,16 milliards d’euros sur la période janvier-septembre, montrent les statistiques du ministère des Finances publiées mercredi.
12/10/2011

Inflows continue for SAM funds despite crisis

Robeco has taken the occasion of SRI week in Paris to unveil a series of funds from its Swiss affiliate Sustainable Asset Management, which is also known for its Dow Jones Sustainability Indices (DJSI).Although assets in its products have suffered from the fall of the equities markets, and due to their fidelity to securities that promise good returns over the long-term, many of them are nonetheless still showing net inflows for the first nine months of the eyar. The SAM Smart Energy fund has EUR472m in assets (compared with EUR549m as of the end of August), but the fund with 60 positions has posted CHF180m in net inflows. However, the SAM Sustainable Water Fund EUR has seen net outflows, because a fund of fund has decided to reallocate its assets to the European banking sector and US companies. Assets total EUR672m in 75 positions, down from a peak of EUR742m as of the end of August.The SAM Smart Materials fund, which has EUR56m in assets, down from EUR63.6m one month earlier, has posted total net inflows of EUR10m to EUR15m. It has 51 positions.The SAM Smart Healthy Living EUR fund, which is focused on equities in firms which offer technologies, products or services in the food, health, physical activities and physical and psychological well-being industries, now has about EUR150m in assets, compared with EUR172.2m one month earlier. The portfolio, with 50-60 positions (currently 55) has attracted net subscriptions of about EUR20m since the beginning of the year.
12/10/2011

European mutual funds hit by worst redemptions since 2008

In August 2011, redemptions from European mutual funds (-EUR25.6bn) were the worst since October 2008 (-EUR 158.7bn) — the nadir of sales activity for the industry, according to Lipper’s latest Fund Flash. When one strips out money market activity (+EUR28.3bn), outflows even reach EUR 53.8bn. «The latest month is not only the worst month since October 2008 (-EUR 117.9bn), but also worse than most months that year, which averaged - EUR 32.4bn», Lipper comments.Investors’ fears were focused on equity funds (-EUR 31.2bn), but even bond funds endured panicked clients (-EUR13.9bn). Investors pulled money from High Yield funds (-EUR 9.2bn), € Corporate Bonds (-EUR3.6bn), as well as absolute return bond funds (-EUR 1.5bn).Apart from money market funds, apparently the most popular sector this month was German equities, but here ETFs — likely being used to short the DAX — accounted for EUR 2.4bn net sales. The only other equity sector to find some traction was Gold.Franklin Templeton’s fixed income products again attracted sufficient sales to put the group at the top of the group rankings with net sales of EUR 1.1bn, ahead of Standard Life (EUR 400m).
12/10/2011

PerTrac teams up with MondoAlternative platform

PerTrac, a software and services provider for the asset management and hedge fund sector, has signed a partnership with MondoAlternative, an Italian producer of databases that monitor more than 2,000 hedge funds (including Italian, European and Swiss hedge funds as well as UCITS hedge funds and investable indices). PerTrac subscribers will now have access to monthly rankings by MondoAlternative, and will receive a magazine every month dedicated to the Italian and European hedge fund industry.
12/10/2011

Outflows of nearly EUR54bn in Europe in August

Long-term funds in Europe, which include all funds except money market funds, have seen an outflow of EUR53.8bn in the month of August, according to statistics from Lipper. The only notable increase in the month under review, meanwhile, was for money market funds, which posted a net inflow of EUR28.3bn, reducing outflows for the sector as a whole to EUR35.6bn. For the third consecutive month, outflows have topped EUR20bn. Equities funds have seen an outflow of EUR31.2bn, while bond and diversified funds have seen net redemptions totalling EUR13.9bn and EUR3.7bn, respectively. Franklin Templeton leads for inflows, with net subscriptions of EUR1.1bn for the month, followed by Standard Life (EUR400m). Absolute return funds have seen a second consecutive month of outflows, totalling EUR2.4bn, bringing inflows since the beginning of the year to EUR7.1bn.
12/10/2011

Returns of over 11% for Chinese sovereign fund in 2010

According to the news agency Chine Nouvelle, the China Investment Company (CIC), the sovereign fund of the Chinese government, on Tuesday announced that it earned returns of 11.7% on its portfolio of international investments in 2010. This rate has remained unchanged compared with the 2009 results. Since its inception in 2007, the average return rate for the fund is 6.4%.
12/10/2011

Uram recruits two specialists

The Geneva-based asset management firm Uram, a specialist in commodities and energies, has recruited two people. They are Robert Galuba, who has spent 10 years as a manager and financial analyst at Lombard Odier, Bordier and HSBC, and Pierre Martin, who joins from Deutsche Bank, where he managed natural resource funds. The recruitments come at a time when Uram has recently lost one of its co-founders, Patrick Pittaway, Citywire reports. He co-founded the firm in 2007 with Dominique Casaï.
12/10/2011

Gottex appoints a new head of marketing for Asia Pacific

Gottex Fund Management has appointed Steven Lee Hyungwk as Marketing Director for the Asia Pacific region, Agefi Switzerland reports. Hyungwk previously worked at Wellington Management, where since 2001 he had been a member of the Marketing team. Hyungwk will be based in Hong Kong, and will play an active role in the development of activities in the Asia Pacific region, with priority given to institutional clients.
12/10/2011

Julius Baer under investigation by US Justice department

Two former advisors at the Julius Baer bank are under investigation by the US Department of Justice. The New York prosecutor has made accusations, obtained by the news agency AWP, that the two ex-bankers assisted US taxpayers to dodge taxes. The Zurich bank has told AWP that it intends to cooperate with the US authorities. The two advisors are alleged to have helped US taxpayers and others to conceal USD600m in offshore accounts, which allowed them to avoid taxes, according to the US prosecutor.
12/10/2011

ECGS welcomes a new member

The European corporate governance and correspondence voting specialist ECGS has welcomed a new member, the Italian firm Frontis Governance, the ECGS announced on 11 October in a statement. In addition to Frontis, ECGS counts the Swiss firm Ethos the German firm DWS, the Dutch Shareholder Support and the French Proxinvest among its members. From 1 October, ECGS has changed its name to Expert Corporate Governance Service; it was previously European Corporate Governance Service.
12/10/2011

In Germany, professionals are buying, and retail investors are selling

In the month of August 2011, the investment fund sector has seen a net outflow of EUR4.1bn, according to statistics from the German financial management association (BVI). Open-ended funds finished the month with outflows of EUR5.4bn, but institutional investors placed EUR1.3bn in dedicated funds. Equity and diversified funds posted net redemptions of EUR4.1bn and EUR1.6bn, respectively. However, money market and bond funds profited from the weakness of the equity markets to post inflows of EUR1.4bn and EUR0.9bn, respectively. Assets under management as of the end of August totalled EUR1.7623trn, down 2.5% compared with July.
12/10/2011

BlackRock and Pimco lead on German market

According to statisics published on 11 October by the German BVI association of asset management firms, open-ended securities funds in the first eight months of the year underwent net outflows of EUR5.65bn. But this result conceals a considerable dispersion in results.The largest net inflows went to BlackRock, for iShares ETFs, for over EUR7.25bn, followed by Pimco Europe (AllianzGI), with nearly EUR6.42bn, and ETF funds from db x-trackers (Deutsche Bank), which took on about EUR1.55bn. However, ETFlab (Deka), an ETF specialist, has seen net redemptions of EUR1.03bn.Thanks to Pimco, Allianz GI is the only big player to post net subscriptions in January-August, totalling EUR2.45bn. Deka (savings banks) has seen net outflows of over EUR6.82bn, while DWS/DB Advisors (Deutsche Bank) has posted net redemptions of EUR2.31bn. Lastly, Union Investment (co-operative banks) has posted net redemptions of EUR1.3bn.
12/10/2011

First German micro-finance fund launched

Due to a modification to German investment legislation, the fund promoter Invest in Visions may now launch the first German micro-finance fund, the Frankfurter Allgemeine Zeitung reports.The asset target is EUR100m, and minimal subscription is set at EUR100. Management commission will be 1.4%, and a commission of 20% will be charged on performance exceeding 4% per year, with high watermark.
12/10/2011

Mirabaud licensed as investment company

Mirabaud France has been granted a license from the authorities in France as an investment business with permission to undertake portfolio management activities, reception and transmission of orders, and investment advising, activities which had previously been exercised by Mirabaud Gestion, which will be disappearing in favour of Mirabaud France. The move will allow the firm to offer clients a way to entrust management of their accounts and custody for their assets to Mirabaud. Mirabaud opened its affiliate in Paris in 2003. Now, with 30 employees, including nine client managers and a dedicated team of wealth engineers, Mirabaud France manages assets of nearly EUR1bn.

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