...

L'hypothèse de croissance reste très optimiste. La charge de la dette approchera les 50 milliards d'euros l'an prochain

La décrue symbolique des émissions à moyen et long termes en 2012, à 179 milliards d'euros, cache une baisse de 10 % des émissions nettes

La banque centrale a servi hier 141 milliards d'euros lors d'une opération à 3 mois, soit un peu moins que le montant attendu

Alors que le projet de budget appelle un tour de vis probable après mi-2012, les émissions de dettes à moyen et long termes seront de 179 milliards d’euros.

Les vrais succès de la BCE et de son président sortant sont à aller chercher du côté de la réforme de la communication de la banque centrale

Censée rapporter 55 milliards d'euros dès 2014, la taxe sur les transactions pénaliserait notamment le trading à haute fréquence

L’IPO de 30% du capital de la loterie nationale a été suspendue sine die. Le total des privatisations devait rapporter 13 milliards à l'Etat

La société d’investissement tenterait de mobiliser les pouvoirs publics pour qu’Axa Private Equity restent dans des mains françaises, à son bénéfice en l’occurrence face à la concurrence pressentie de Carlyle ou de KKR. Mais le management d’Axa PE, qui doit rester aux commandes après la cession, jugerait Eurazeo «trop franco-français». «Il existe une différence culturelle» modère une autre source. Les offres peuvent être remises jusqu’au 4 octobre et pourraient valoriser Axa PE entre 250 et 300 millions d’euros. Dominique Senequier, présidente du directoire d’Axa PE, tient à ce que le management reste autonome, à l’image de celui d’AlpInvest à l’occasion de la reprise par Carlyle.

Le gestionnaire a perdu près d'un quart de sa valeur en Bourse à l’annonce d’une chute de 8 % des actifs sur trois mois à fin septembre

Le London Stock Exchange et LCH.Clearnet ont annoncé avoir entamé des discussions exclusives sur un possible rachat de la chambre de compensation. Il n’y a toutefois à ce stade «aucune certitude» que ces discussions aboutissent, a ajouté LCH.Clearnet dans un bref communiqué.

Le projet de budget de la France pour 2012 présenté mercredi prévoit de ramener le déficit public à 4,5% du PIB fin 2012 (après 5,7% fin 2011), avant d’atteindre la limite européenne de -3% en 2013, année lors de laquelle le ratio de dette publique commencerait à baisser. Le texte confirme les prévisions gouvernementales de croissance économique à 1,75% en 2011 et 2012 - qui sont supérieures à celles de nombreux économistes - puis 2% en 2013, 2014 et 2015.

Les banques britanniques sont exposées à des risques sensiblement accrus du fait de la crise de la zone euro, écrit la Banque d’Angleterre. Le nouveau Comité de politique financière de la banque centrale observe que depuis sa réunion de juin, de graves tensions sont apparues du fait de cette crise.

Man Group , le premier fonds spéculatif mondial coté, dévisse en Bourse, l’action perdait plus de 19% à 193,6 pence dans le courant de la matinée, après un plus bas de cinq semaines de 187,7 pence en séance. après avoir annoncé que les retraits de sa clientèle durant l'été avaient été les plus importants depuis le début 2009, dans un contexte de «volatilité incessante» des marchés. Man Group a précisé que ses clients avaient retiré en net 2,6 milliards de dollars sur une période de trois mois à fin septembre.

Le climat des affaires en Italie a chuté beaucoup plus qu’attendu en septembre, tombant à son plus bas niveau depuis près de deux ans, montrent des données publiées mercredi. Selon l’office national de la statistique Istat, l’indice du climat des affaires a plongé à 94,5 ce mois-ci, soit un point bas depuis janvier 2010, contre 98,6 en août, en raison d’une chute des commandes et d’une détérioration des perspectives de production.

Les quatre grands cabinets d’audit internationaux s’exposent peut-être à un bouleversement sans précédent depuis le scandale Enron dans la mesure où l’Europe envisage des mesures susceptibles de les obliger à se scinder. Selon un projet de directive dont Reuters a pris connaissance mardi, la Commission européenne propose qu’il soit interdit aux cabinets comptables de faire du conseil auprès des sociétés dont ils sont les commissaires aux comptes, voire même de leur interdire l’activité de consultant tout court.

La croissance de l’Espagne a été molle au troisième trimestre, a fait savoir la Banque d’Espagne. L’Espagne a connu un taux de croissance trimestriel de 0,2% au deuxième trimestre. «Les données disponibles du troisième trimestre montre une forte détérioration en termes qualitatifs», écrit la Banque d’Espagne dans son bulletin mensuel.

L’Agence France Trésor (AFT) a publié mercredi matin son programme de financement 2012. La France émettra 179 milliards d’euros de dette à moyen et long terme (nets des rachats) l’an prochain contre 184 milliards d’euros cette année. Il convient d’y ajouter les émissions de dette court terme (BTF), qui devraient se réduire de 1,1 milliard, après une baisse de 4,4 milliards cette année. En raison de tombées plus élevées en 2012 (98,9 milliards), les émissions nettes de dette moyen long terme reviendront à 80 milliards, contre 89 milliards cette année. Reste que ce programme est bâti sur l’hypothèse d’un déficit budgétaire de 81,8 milliards en 2012, lui-même fondé sur une prévision de croissance à 1,75% que les économistes jugent désormais peu crédible.

Feri Finance AG, an affiliate of MLP, on 27 September announced that it is combining its advisory operations serving high net worth retail and institutional clients, which had previously been housed at Feri Family Trust GmbH and Feri Institutional Advisors GmbH, in a single structure, Feri Institutional & Family Office GmbH.All services from the two companies in areas including and connected with wealth management will be concentrated in another new firm, Feri Trust GmbH.All “support” functions, such as book-keeping, reporting and investment controlling, will now be placed in a new entity, Feri Investment Services GmbH.With Feri EuroRating Services AG, the Feri group thus includes four companies.

Renaissance Asset Managers was created in 2003. The asset management affiliate of the Russian Renaissance group was initially concentrated on Russian high net worth clients. Since 2010, following a change in the management team, the asset management team specialised in investments in the emerging countries of Europe, including Russia and Turkey, and the African “frontier” markets, has sought to add dynamism by setting out to win over clients outside its home country, including in France. Renaissance AM thus now joins asset management firms such as Raiffeisen Capital Management and East Capital, which have a strong presence in this segment in France. The asset manager would like to make itself better known in France, and brings long experience in its preferred markets, and strong teams. “We have 30 people working on emerging Europe alone now, while BlackRock has only 4,” says Plamen Monovski, chief investment officer. Monovski, as a manager at Renaissance AM, knows the US giant well, as he previously managed its emerging Europe fund. Renaissance AM thus plans to position itself in France as a specialist in these markets, as France “is still underinvested in emerging markets, despite the immense growth opportunities to be found there,” says Monovski. “We are targeting funds of funds and large institutional investors as our first priority,” says Sandrine Reynaud, director of sales for France, Monaco and Geneva. The opening of a Paris office is not planned. Sales of Renaissance AM products will be directed from the London office of the asset management firm, and also from Moscow. In addition to closed funds, the product range from Renaissance Am includes a range of nine Luxembourg-registered UCITS funds. The funds are pending licenses from the AMF. “They may be made available in France by the end of the year, and will be available to distributors and life insurance companies,” says Reynaud. In total, Renaissance Am currently manages about USD2.2bn, of which more than USD214m are in its UCITS fund range.

In an internal memo sent to North American employees of the group, Kaspar Villiger, chairman of the board of directors, and Sergio Ermotti, interim CEO of UBS, on Monday clearly stated that their wealth management activities in the United States are not for sale, Handelsblatt reports.The two heads of the Swiss group are also supporting Robert McCann, CEO, Wealth Management Americas, in whom they say they have confidence to continue to develop this activity in a highly important market.

Reuters reports, citing sources familiar with the matter, that Société Générale is seeking to sell its stake in Newedge, its derivative products affiliate, owned jointly with Crédit Agricole, as part of its plan to sell off non-strategic assets estimated at EUR250m. In addition to Newedge, the French bank may also sell SGSS, its securities management affiliate. The same source says that no decisions have been taken so far. Société Générale et Crédit Agricole had no comment on the reports.

Emmanuelle Hsu joined Global Financial Services (GFS), a third-party marketing firm which helps asset management firms in introducing their funds to qualified institutional investors in France and internationally, in early September. Hsu will be in charge of development for France and internationally for multi-manager and institutional clients. Hsu was previously head of distribution for France and Monaco at Threadneedle Asset Management from 2006 to 2009, Since 2009, she had been a partner at Spread Box, a start-up specialised in competitiveness, marketing and social media optimisation. In June, GFS made another addition to its sales team, in the person of Linda Caussade, who was appointed head of development for France and internationally. Caussade most recently worked at Calyon as a structured products salesperson for equities indices and mutual funds to clients of the regional banks of the Crédit Agricole network. The recruitments come at a time when GFS has recently integrated the financial company Assya, in order to strengthen the latter’s unit dedicated to asset management.

Mark Raskopf, who had been managing director in charge of the hedge fund team at Ermitage Americas, is joining Russell Investments as head of tactical trading strategies in the hedge funds solutions team.Raskopf will direct research and due diligence on hedge fund managers in the area of tactical trading, which includes global macro, managed futures, commodities and currencies. He will also be responsible for research and due diligence for long-only commodities managers, for Russell’s range of commodity products.

Oddo Asset Management on Tuesday, 27 September announced the arrival of Lorenzo Gazzoletti as deputy CEO, in charge of development for institutional clients. Be becomes a member of the executive board at the group.Gazzoletti succeeds Jean-Philippe Taslé d’Héliand, who has been appointed chairman of Oddo Banque Privée. He will have the primary mission of developing the institutional client base in France, as well as internationally. The objective for the firm is to double assets at Oddo Asset Management in four years. Italy, Germany, Switzerland and Benelux are the priority countries, a statement says.Since 2008. Gazzoletti has been chairman of the board at La Banque Postale Gestion Privée, a joint venture of La Banque Postale and Oddo & Cie in wealth management, with assets under management which increased from EUR120m to EUR1.3bn between 2008 and June 2011.In 2009 Gazzoletti also founded La Banque Postale Immobilier Conseil, a firm specialised in real estate, of which he was chairman.

Janus Capital Group has announced the arrival of Susan Oh, who will serve as vice-president of the institutional division in the United States from 3 October, at the asset management firm. Oh will be responsible for sales to institutional clients and institutional marketing teams. Before joining Janus, Oh spent 20 years at JP Morgan Asset Management, where she served in positions dedicated to relations with institutional investors, including a stint as global consultant strategy sales leader for the US market.

Standish Mellon Asset Management Company, an affiliate of BNY Mellon with USD80bn in assets, has recruited Rosa E. Velasquez in Boston for the newly-created position of analyst for corporate debt on emerging markets (EM corporate debt). Velasquez will report to the Russian Alexander Kozhemiakin, managing director and head of the emerging markets team.Assets under management by Standish for emerging markets corporate debt total over USD11bn in dedicated portfolios.

The Korean asset management firm Mirae Asset Global Investments is planning to enter the hedge fund market in Hong Kong, Financial Times Fund Management reports. Woong Park, CEO of Mirae Asset Global Investments (HK), says the group already has quasi-hedge funds managed in Hong Kong and domiciled in Korea, but it is planning to create its own hedge fund activity on the Hong Kong market. Several products are in the works.

The real estate unit at Deutsche Bank, RREEF, has recruited Leslie Chua as head of research and strategy for the Asia Pacific region excluding Japan and Korea, Asian Investor reports. Chua had previously served as head of research and strategic planning at Pacific Star Holdings.

US-based BNY Mellon on 27 September announced that it will now be offering settlement and clearance services directly in the Netherlands. To this end, it has signed an agreement with Euroclear Netherlands, which will provide its clients for broker-dealer services (USD1.8trn in tri-party balances worldwide) faster and more convenient access to the Dutch market.