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23/12/2010
Fonds

Franklin lance un fonds croissance asiatique

Franklin Templeton Investments a lancé aux Etats-Unis le Templeton Asia Growth Fund, un fonds géré activement, investi principalement dans des titres de sociétés basées en Asie (hors Australie, Nouvelle-Zélande et Japon). Il sera géré par Mark Mobius, Allan Lam et Dennis Lim, avec le soutien de l’équipe marchés émergents de la société composée de 40 personnes, dont plus de la moitié est installée en Asie. «Nous investissons en Asie depuis 1987 et depuis lors la région a fait l’objet d’importantes transformations et abrite désormais une partie des économies qui connaissent les plus forts taux de croissance», commente Mark Mobius.
Fonds
23/12/2010

amleague offers another mandate in competition

p { margin-bottom: 0.08in; } From 31 December this year, amleague, which organises a competition for asset management firms (see Newsmanagers of 06/10/2010) will be offering another mandate. While the competition began in June 2010 with the Europe Equity Fully Invested mandate, a Euro Equity Fully Invested and a Euro Equity Flexible mandate will be added, and investors will soon have access to the Europe Equity Flexible mandate. As Newsmanagers reported previously, a new asset class will also be offered from 31 December, entitled “Asset Allocation.” The objective of the mandate is to allow managers to demonstrate their long only management abilities. Asset managers will be able to vary their exposure from 0 to 100% to equities, futures, and currencies. They will be allowed to use instruments including futures, ETFs, and spot forex. The Eonia Index will serve as an indicative benchmark, with a maximum drawdown of under 20%.
23/12/2010

Fitch Ratings confirms rating for ERAAM

Fitch Ratings has affirmed Europanel Research and Alternative Asset Management’s (ERAAM) asset manager rating at ‘M2-' for its fund of hedge funds (FoHF) investment activities. The affirmation reflects the stabilisation of assets and profitability at ERAAM, after two years of contraction, which imposed some restructuring, including staff reduction in 2009. At the beginning of November 2010, the company employed 10 people and had EUR315m of AUM through open-ended funds and dedicated mandates to institutional investors. The asset manager is slightly above its profitability break-even, without accounting for any performance fees.ERAAM remains independent, majority owned by its founders, one of whom gave up his operational role in 2009. ERAAM’s current modest size still represents the main challenge the company faces in fund raising.
23/12/2010

UBS private bank in recovery

p { margin-bottom: 0.08in; } According to the UBS private bank in Paris, net inflows will be positive for 2010, with assets of nearly EUR10bn, Les Echos reports. The Swiss bank, which is expecting assets under management to double by 2015, is also planning to make recruitments in France, but only for highly targeted positions. The firm now has 250 employees in France. Slightly under 10% of the current personnel at UBS Wealth Management joined after 1 January 2010, the newspaper reports.
23/12/2010

NEST bids for SRI mandate

The National Employment Savings Trust (NEST) is tendering for a global equity socially-responsible investment (SRI) manager after confirming members will be offered an SRI fund as one of their investment options, IPE.com said. The fund’s main focus will be on human rights, labour practices, positive environmental records and avoiding armaments.
23/12/2010

French retirement plans continue to win over businesses and employees

p { margin-bottom: 0.08in; } The French asset managers association on Wednesday, 22 December published its most recent figures for PERCO retirement plans (Plan d’Epargne Retraite Collectif). As of 30 September, the figures show that businesses and employees continue to have a strong interest in the fiscal vehicle, with high growth rates year on year. The number of businesses equipped with the plans, at 115,000, is up 21.3%, while the number of employees subscribed to them is 645,000, up 29.5% over the same period. In terms of assets, at EUR3.7bn, PERCOs have posted 37.8% growth year on year – of which 27.3% is since the beginning of this year. In the first ten months of 2010, inflows totalled EUR857m. Compared with the same period last year, the increase is 40.5%.
23/12/2010

Franklin launches an Asian growth fund

Franklin Templeton Investments has introduced the Templeton Asian Growth Fund, an actively managed, US registered mutual fund that invests predominantely in securities of companies located in the Asia region. The fund will be managed by Mark Mobius, Allan Lam and Dennis Lim, which are supported by Templeton’s emerging markets team of over 40 investment professionals, more than half of whom are based in Asia.“We’ve been investing in Asia since 1987, and since that time, the region has witnessed a tremendous transformation and is now home to some of the fastest growing economies globally”, said Mark Mobius.
23/12/2010

Record year for high yield bond issues

p { margin-bottom: 0.08in; } According to statistics compiled by Thomson Reuters and Freeman Consulting in a study published yesteerday, high yield debt issues by businesses since the beginning of the year have totalled nearly USD330bn, beating the previous record of USD185bn, set in 2006, by a wide margin, Agefi reports. US issuers remain the most active structurally in this market segment, with nearly 70% of total high yield debt issues since the beginning of the year, at about USD227bn. European businesses follow far behind, with issues representing only 21% of high yield debt issue volumes, at about USD68bn.
23/12/2010

FSA and British treasury launch consultation on UCITS IV

p { margin-bottom: 0.08in; } Agefi reports that the British Financial Services Authority (FSA) and the Treasury on Wednesday, 22 December launched a consultation on proposals to apply the UCITS IV directive. The consultation will run until 18 March next year.
23/12/2010

Debt crisis penalises ETF market

p { margin-bottom: 0.08in; } According to data from iShares, net inflows to exchange-traded products (ETP) in November fell, from EUR5.39bn in October to EUR2.6bn last month, below the monthly average for the year, which comes in at EUR3.2bn, Agefi reports. Assets, however, are still rising. They reached a new peak at EUR220bn at the end of November 2010. Trackers and government bonds showed a negative investment flow, meanwhile, of EUR240m last month, following outflows of EUR100m the previous month.
23/12/2010

Gartmore Irish Growth trust to close

p { margin-bottom: 0.08in; } The board of Gartmore Irish Growth investment trust has decided to liquidate the GBP49m fund, following the departure of its manager, Gervais Williams, Fundstrategy reports.
23/12/2010

Montagu raises EUR2bn

p { margin-bottom: 0.08in; } Montagu has raised EUR2bn for its new private equity fund, towards a final objective of EUR2.5bn, the Financial Times reports. The former private equity arm of HSBC will seek to invest in defensive firms valued at EUR100m to EUR1bn.
23/12/2010

CIO of largest Danish pension fund to depart

p { margin-bottom: 0.08in; } Bjarne Graven Larsen will be leaving his position as chief investment officer for ATP, the largest Danish pension fund, with EUR69.2bn in assets, in 2011, IPE.com reports. He will be replaced by the vice-CIO, Henrik Gade Jepsen.
23/12/2010

Pékin tenté par la dette portugaise

La Chine est prête à acheter quatre à cinq milliards d’euros de dette souveraine portugaise pour soulager la pression subie par le Portugal sur le marché obligataire, a rapporté mercredi le quotidien Jornal de Negocios. Sans citer de sources, le journal ajoute qu’un accord passé entre les deux pays amènera la Chine à acquérir de la dette portugaise lors d’adjudications ou sur le marché secondaire durant le premier trimestre 2011.
23/12/2010

Baisse plus forte que prévu des stocks américains de pétrole

Les stocks américains de pétrole brut ont diminué bien plus que prévu la semaine dernière, a annoncé mercredi l’Agence américaine d’information sur l'énergie (EIA). Les stocks de brut ont baissé de 5,3 millions de barils à 340,7 millions de barils. Les économistes attendaient en moyenne une baisse de 2,3 millions de barils.
23/12/2010

La Suisse étudie la solidité de son système financier

Le gouvernement suisse a lancé mercredi la consultation concernant le projet de modification de la loi lié au problème du «too big to fail». Ce nouveau cadre pose plusieurs exigences pour les banques systémiques: renforcement de la base de fonds propres, durcissement des exigences en matière de liquidités, meilleure répartition des risques et mesures organisationnelles permettant le maintien des fonctions systémiques en cas de risque d’insolvabilité. Pour y répondre, les institutions disposeront de deux nouveaux instruments: le capital de réserve et le capital convertible (CoCos). En cas de soutien public, l’Etat pourra contrôler le versement de rémunérations variables. Par ailleurs, l’autorité de régulation Finma a mené des tests de solvabilité auprès de 133 assureurs. Deux d’entre eux doivent prendre des mesures urgentes tandis que sept autres ont été placés sous surveillance.
23/12/2010

La FSA et le Trésor britannique consultent sur Ucits IV

L’autorité britannique des services financiers (FSA) et le Trésor ont lancé mercredi une phase de consultation sur leurs propositions relatives à la mise en place d’Ucits IV. Ce cadre réglementaire, attendu pour juillet prochain, organisera la gestion et la distribution de fonds dans l’Union européenne. La consultation prendra fin le 18 mars prochain.
23/12/2010

La croissance du PIB britannique revue à la baisse

Le Bureau des statistiques nationales (ONS) a annoncé que le PIB britannique avait gagné 0,7% sur le troisième trimestre, et non 0,8% comme précédemment estimé. Sur un an, la croissance a été révisée en baisse à 2,7% contre 2,8% précédemment.
23/12/2010

Fitch place cinq banques grecques sous surveillance

Cinq grandes banques grecques ont été averties mercredi par Fitch Ratings que leurs notes de crédit pourraient passer en catégorie spéculative, au lendemain d’une annonce similaire de l’agence de notation sur la note souveraine de la Grèce.
23/12/2010

Le budget grec adopté

Le Parlement grec a adopté mercredi soir par 156 voix contre 142 le budget 2011 qui prévoit plus de 14 milliards d’euros d'économies.
23/12/2010

S&P confirme la note AAA de la Cades

L’agence a confirmé mercredi la note «triple A» attribuée à la Caisse d’amortissement de la dette sociale. La Cades étant considérée comme une entité lié à l’Etat, S&P estime que le transfert prévu à la caisse en 2011 d’un montant pouvant atteindre 130 milliards d’euros dettes «sera compensé par des recettes supplémentaires et par la prolongation de quatre ans de son existence».
23/12/2010

Bon millésime pour la dette corporate

Année record en matière d'émissions sur le compartiment du haut rendement, 2010 s’est aussi caractérisée par la capacité des entreprises à emprunter en valeur absolue à des niveaux de coupons historiquement bas, notamment aux Etats-Unis.

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