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24/01/2011

Les investissements immobiliers se reprennent en Europe

Les investisseurs ont réalisé des transactions pour 96 milliards d’euros dans l’immobilier d’entreprise européen en 2010 d’après le conseil en immobilier DTZ. Le volume a donc doublé par rapport à 2009. Au quatrième trimestre, les marchés français et allemands ont été les plus dynamiques. Pour 2011, DTZ table sur 123 milliards d’euros d’investissement, soit une progression de 28 % par rapport à 2010.
23/01/2011
Gestion d'actifs

La MACSF apprécie le profil des convertibles

Dans un article paru dans la magazine Morningstar Professional, Eric Dubos directeur de la gestion chez MACSF revient sur l’impact de Solvency II en termes d’allocation d’actifs: Cela va modifier notre gestion, car on sait que les actions ou le crédit high yield par exemple avec des maturités longues coûtent cher en capital. Pour autant la MACSF a pris la décision de classer les convertibles avec les actions. Notre exposition directe aux actions est relativement faible. Les obligations convertibles nous permettent de profiter de la sensibilité de ce produit aux actions tout en ayant un parachute obligataire en cas de forte baisse du marché action. Le couple rendement risque des obligations convertibles est très intéressant pour une gestion comme la notre. Pour rappel, la MACSF gère en direct la partie taux et délègue à des sociétés de gestion externes sur les unités de compte des contrat d’assurance-vie, notamment à Amundi, Oddo AM et UFG LFP, et de l'épargne salariale.
Gestion d'actifs
21/01/2011

Le climat de l'industrie française est en nette amélioration

L’enquête de l’Insee sur le climat des affaires dans l’industrie manufacturière, pour le mois de janvier, a progressé de six points à 108, contre 104 attendu. Celle-ci montre une amélioration des perspectives de production grâce au niveau élevé des carnets de commandes. L’indicateur du climat des affaires dans son ensemble, en ajoutant les services, le bâtiment, le commerce de gros et le commerce de détail, ressort en hausse d’un point, à 106.
21/01/2011

SG Private Banking se dote d'un comex

Société Générale Private Banking a annoncé la création d’un comité exécutif composé de six personnes et placé sous la responsabilité de Daniel Truchi, patron du pôle. Grande nouveauté, quatre de ses membres (Yves Thieffry, Patrick Folléa, Eric Barnett et Bruno Lèbre) se verront déléguer la supervision d’une zone géographique. Le dernier membre du comex, le directeur commercial et marketing, doit être nommé dans les prochaines semaines - l’actuel titulaire du poste, Jean-Michel Dy, étant appelé à prendre de nouvelles fonctions au sein du groupe.
21/01/2011

Le climat des affaires en Allemagne au plus haut

L’indice Ifo qui mesure le climat des affaires en Allemagne a atteint 110,3 en janvier, son meilleur niveau depuis la réunification du pays en 1990, contre 109,8 en décembre (chiffre révisé) et 109,3 novembre.
21/01/2011

La Grèce dément une restructuration de dette

Le ministre adjoint des Finances grec, Philippos Sachinidis, a déclaré dans un entretien un quotidien grec que le seul point discuté actuellement porte sur l’extension du remboursement des 110 milliards d’euros du fonds de sauvetage du FMI et des autres pays de la zone euro, mais qu’il ne négocie pas une restructuration de sa dette.
21/01/2011

Rothschild & Cie Gestion boucle un bon exercice 2010

La société de gestion a vu ses encours augmenter de 10 % sur l’année écoulée, à 21,8 milliards d’euros fin 2010. Outre la hausse des marchés, Rothschild & Cie Gestion a bénéficié d’une collecte nette, hors monétaire, de 1 milliard d’euros.
21/01/2011

Pre-tax profits double for wealth management unit of Morgan Stanley

p { margin-bottom: 0.08in; } The Global Wealth Management unit of Morgan Stanley has reported pre-tax profits for the year 2010 of USD1.2bn, compared with USD559m for 2009. Assets under management totalled USD1.7trn as of the end of the year, while net inflows for the year as a whole totalled USD22.9bn, of which Usd14.1bn were in fourth quarter. The asset management unit, for its part, has earned pre-tax profits of USD723m, though it lost USD653m the previous year. As of 31 December, assets under management or supervision totalled USD279bn, compared with USD266bn one year earlier, The increase is largely due to market effects, which were partly offset by a net outflow from Morgan Stanley money market funds.
21/01/2011

Net profits at Raymond James nearly double

p { margin-bottom: 0.08in; } In fourth quarter 2010, which was the first quarter of the new fiscal year for Raymond James Financial, net profits totalled EUR81.72bn, which represents an increase of 18% compared with the previous quarter, and an increase of 90% compared with October-December 2009. Assets as of the end of December (excluding money markets) totalled USD33.4bn, compared with USD30bn as of the end of September, and USD27.6bn one year previously, while assets under administration totalled USD262bn, compared with USD249bn three months earlier, and USD232bn at the end of December 2009.
21/01/2011

Lazard Frères Gestion focuses on directors who own stakes in their businesses

p { margin-bottom: 0.08in; } Lazard Frères Gestion on Thursday, 20 January announced that it has teamed up with Esprits d’Entreprises, a club of entrepreneurs and directors who are shareholders in their companies which was founded in 2004 by Diaa Elyaacoubi and Bernard Ochs. The objective of the club is to allow its members who live business reality every day to exchange and present ideas in a laboratory environment, and to debate and learn, inform, explain, transfer and promote the business spirit, and to promote the ideas and proposals of its members, a statement says.
21/01/2011

Natixis AM takes its profits on emerging markets

p { margin-bottom: 0.08in; } “Now, tactically, we want to take our profits on equities from emerging markets, particularly Brazil, India and China,” says Emmanuel Bourdeix, head of equities, diversified and structured management at Natixis Asset Management. He points to risk and an overly rapid appreciation of currencies, as well as overly restrictive monetary policies in these countries. The equities specialist prefers developed markets, particularly Europe. In this region, he sees a “catch-up effect,” in a region which has suffered greatly from European debt problems. He predicts that European equities will gain 10% this year. More generally, 2011 “will be the year of equities,” says Bourdeix. For fixed income, Ibrahima Kobar, head of fixed income management at Natixis AM, says he is convinced that Portugal will seek financial assistance in 2011. He adds that the European Central Bank (ECB) is unlikely to raise its rates this year.
21/01/2011

BlackRock: the largest shareholder in Germany

p { margin-bottom: 0.08in; } In an article dedicated to the history of BlackRock, Handelsblatt says that the US management firm is the only investor to hold shares in all companies of the Dax index. It is the largest shareholder in German businesses overall, and via its active or passive funds, it controls from 5% to 9% of nine Dax companies: Adidas, Allianz, BASF, Bayer, Deutsche Bank, Heidelberg Cement, Infineon, Merck, and Munich Re. Such a situation has never before been observed in the history of the German stock market.
21/01/2011

Amundi in pole position to take over Pioneer

p { margin-bottom: 0.08in; } Il Sole – 24 Ore reports that Amundi is in pole position to take over Pioneer Investments from UniCredit, with an integration proposal which would give the Italian bank a place as a minority shareholder in the asset management firm controlled by Crédit Agricole and Société Générale. The candidates, who also include Natixis and Resolution, must submit their final bids in March. The Italian newspaper estimates that if the price is not high enough, UniCredit may decide to “freeze” the Pioneer deal. That would raise the possibility of a sale of the US activities of the asset management firm, and a merger of the Italian part of the business with Eurizon, the asset management unit of Intesa Sanpaolo.
21/01/2011

Financière de l'Echiquier posts net inflows of EUR700m in 2010

p { margin-bottom: 0.08in; } The French asset management firm Financière de l’Echiquier on Thursday, 20 January announced that it collected EUR700m in inflows in 2010. It now manages over EUR5bn, an increase of 44% for the year.One third of these inflows came form outside France, largely in Germany, Italy and Spain, countries which are growth areas for distribution of Arty funds, which include equities and bonds from European businesses, and Echiquier Global, which invests in global large cap equities.The asset management firm now manages EUR1.6bn for institutional investors, who represent nearly half of inflows.In terms of investment strategy, the management team estimates that 2011 will be as auspicious as 2010, but that the assets to bet on will be different. “For example, fiscal differences in European states will create opportunities in the sector of outsourcing of public services, and the fall of valuations in southern European countries will also make it possible to buy high-quality businesses at attractive prices,” a statement says.On the basis of these predictions and the stock-picking method practiced by the management firm, its chairman, Didier Le Menestrel, predicts assets of EUR15bn by 2015.
21/01/2011

Russell adds to alternative investment consulting team

p { margin-bottom: 0.08in; } Darren Spencer has been recruited as director, alternative investments for the Americas institutional consulting group. Spencer, who worked for a fund of hedge fund boutique, and was global head of alternative investments at Aon Investment Consulting, comes as an addition to the network of directors to advise alternative investments, which already includes head for Europe, the Middle East and Africa (EMEA), Australasia and Japan and North-East Asia. Spencer will be based in New York, and will be in charge of directing the development and deployment of alternative investment strategies for consulting clients of Russell in North America.
21/01/2011

Vontobel launches a local currency emerging markets bond fund

p { margin-bottom: 0.08in; } Funds People reports that Vontobel Asset Management has entrusted its bond team, directed by Daniel Karnaus, with a new fund of emerging markets local currency bonds. The objective of the product, whose H share class in Swiss francs was launched on 18 January, with share classes in US dollars and Euros to be released on 24 January, is to outperform the JP Morgan GBI-EM Global Diversified index.The fund will invest in countries such as Brazil, Malaysia, Mexico, Poland, South Africa, Thailand, Turkey, Indonesia, Hungary, Russia and Colombia, among others.
21/01/2011

Olivier Carenini arrives at Russell Investments

p { margin-bottom: 0.08in; } The Paris office of Russell Investments on Thursday announced the appointment of Olivier Carenini as director of development, in charge of distribution and partnerships, effective from 5 January 2011. Carenini becomes responsible at the firm for development of partnerships and financial solution activities for savings and financial management professionals in France, Benelux, Switzerland and the Iberian peninsula. He will also collaborate with the EMEA (Europe, Middle East and Africa) team. Carenini previously worked at Rothschild & Cie Gestion, as director in charge of distribution teams.
21/01/2011

Aberdeen recruits Alban Arribas

p { margin-bottom: 0.08in; } As Newsmanagers reported on 18 January, the Paris office of Aberdeen has added to its real estate team, with the recruitment of Alban Arribas, who for the past ten years had been head of private investments at Acofi. Arribas becomes head of fund management France, and will be in charge of structuring for French real estate funds, including the development of OPCI fund management for French and international institutional clients.
21/01/2011

Rothschild & Cie Gestion announces a “vintage year in 2010”

“2010 was a vintage year for Rothschild & Cie Gestion,” said Arnaud Perrier, manager and director of sales and marketing for the French asset management firm, at a quarterly meeting of the strategy committee held on Thursday.“Our assets have increased 10% for the year, to EUR21.8bn as of the end of 2010,” he explains. This was achieved due to rising markets and a positive inflow, not counting money markets, of about EUR1bn,” the director of sales says.Perrier has also announced the arrival of a new addition in the institutional sales team. He is planning to recruit another person for Benelux, and says that “we will be present in Germany starting this year.”
21/01/2011

Partnership agreement between Six and Liquidnet for transactions in blocs

p { margin-bottom: 0.08in; } SIX Swiss Exchange and Liquidnet, the institutional market for equities trading, on 20 January announced that they have signed an agreement to provide members of the SIX Swiss Exchange and buy-side operators effective execution of bloc executions on Swiss and European equities. Liquidity held in the exclusive Liquidnet liquidity system will be available to members of SIX Swiss Exchange. Liquidnet members will thus benefit from added liquidity provided by members of SIX Swiss Exchange. SIX Swiss Exchange members will be able to continue to use their front-end trading systems to trade about 3,600 international equities which will initially come from the Swiss, British, French, German and Dutch markets. The launch of the offer is planned for second quarter 2011.
21/01/2011

Aviva Investors recruits a business development director for Sweden

Aviva Investors has announced the appointment of Tove Bångstad as business development director – Sweden. In this newly created role, she will be responsible for growing Aviva Investors business and client relationships in the Nordic market.Starting on 1st February 2011, she will report to Véronique Cherret, director - head of institutional channel - UK & Europe. Prior to joining Aviva Investors, Tove Bångstad was at SEB Wealth Management where she was most recently head of institutional clients for Sweden as well as head of mutual funds.

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