Le Fonds monétaire international a réalisé en un peu plus d’un an la vente d’un huitième de son stock d’or, soit 403,3 tonnes. En vertu d’un programme destiné à accroître ses capacités de prêt, le FMI avait réalisé sa première vente à l’automne 2009 avec 200 tonnes cédées à l’Inde.

La proposition de loi visant à limiter le cumul des mandats sociaux dans les sociétés cotées, évoquée dans l’édition de mardi, a été déposée le 19 octobre dernier à l’Assemblée nationale et présentée à la presse lundi.

Lors de la réunion annuelle commerciale sino-européenne, la Chine a réaffirmé son intention de poursuivre ses achats de dettes souveraines européennes et envisagerait même une contribution au fonds de stabilisation. Ces déclarations ont soutenu l’euro. Le pays réclamerait en contrepartie la reconnaissance de son statut d’économie de marché.

La hausse des dépenses publiques le mois dernier a effacé les économies réalisées depuis le début de l’année

Profitant de la réunion annuelle commerciale sino-européenne, Pékin apporte un soutien intéressé au plan de stabilisation européen

La décision de la banque centrale de relever une nouvelle fois ses taux directeurs à 5,75 % a été qualifiée de « hâtive, difficile à justifier » par le gouvernement

Le stock de BTF a été abaissé de 26 milliards cette année. L'appel au marché restera élevé en 2011

Le stock de BTF a été abaissé de 26 milliards cette année. L'appel au marché restera élevé en 2011

La crise de la dette souveraine dans la zone euro a poussé les investisseurs à transférer leurs dépôts en Suisse

L'offre d'échange décotée d'Anglo Irish a reçu un taux de réponse de 92,5 %. AIB devra aussi mettre les porteurs subordonnés à contribution

Ces opérations, d'un montant pouvant atteindre 34,1 milliards d'euros en 2011, doivent permettre de financer le plan de soutien à l'Irlande

Royal Bank of Canada vient de boucler l’acquisition de BlueBay Asset Management annoncée le 18 octobre 2010 (lire article du 19 octobre 2010). Avec cette opération, l’activité de gestion d’actifs de RBC s’adjoint 200 employés et environ 40 milliards de dollars d’encours.Le prix de la transaction avait été fixé à 485 pence en espèces par action BlueBay, soit un total de 963 millions de livres.

Le japonais Sparx, en partenariat avec ses pôles de gestion alternative, Cosmo Investment Management en Corée et PMA Capital Management à Hong Kong, envisage de lance en 2011 un hedge fund panasiatique, rapporte Asian Investor.La stratégie du nouveau produit n’est pas encore arrêtée mais la taille du fonds devrait avoisiner les 300 millions de dollars. Les actifs de hedge funds gérés par Sparx et ses filiales de gestion alternative s'élèvent à 2,5 milliards de dollars, les actifs sous gestion du groupe s’inscrivant à 6 milliards de dollars.

p { margin-bottom: 0.08in; } Citywire reports that Deutsche Bank has announced the launch of an Asian UCITS III-type absolute return fund, in collaboration with the hedge fund firm Sloane Robinson. The Newcits fund, which is in the process of obtaining a license, will be launched on the DB Platinum platform.

p { margin-bottom: 0.08in; } The research firm Eiris has published a study of biodiversity which lays out five recommendations to help investors confront the inadequacies of businesses in the area of biodiversity. Activities related to biodiversity are “largely ignored by the business community,” Eiris comments. Investors need to take measures to understand the systemic risks which a biodiversity deficit represents for their investments. Investors should take into account the risks that are not managed in the supply chain. The study encourages businesses to respect the principles of the 1992 convention on biological diversity, and to use channels which require businesses to participate in responsible programs. The study suggests that a collaboration between investors could achieve a maximal effect in relation to this problem. Eiris has also identified nine exemplary companies in the area of biodiversity: Fraport (Germany), Holmen (Sweden), International Paper (United States), Severn Trent (United Kingdom), Sjkanska (Sweden), Teck Resources (Canada), Unilever (United Kingdom), United Utilities Group (United Kingdom) and UPM-Kymmene (Finland).

p { margin-bottom: 0.08in; } Investment Week reports that UBS is proposing to launch an emerging markets fixed income fund towards the end of January. The fund would offer fixed income while aiming for long-term capital appreciation. Urs Antonioli, who already manages the UBS Global Emerging Markets Equity fund (GBP675m) would select high yield securities, taking into account the dividends paid and projections of future dividends.

p { margin-bottom: 0.08in; } The consulting committee for the financial sector (CCSF) on 20 December published its fifth annual report, which covers the second half of 2009 and the first half of 2010. In addition to coverage of recurring topics in the banking, credit, insurance and savings sectors, the CCSF has announced new initiatives. To increase the readability and comparability of the costs of banking and financial services, three new glossaries have been published by the Committee for “day-to-day banking and credit,” “insurance,” and “savings and financial investments.” Following the publication of the report ordered in July 2010 by the minister of Economy, Finance and Industry on banking fees, the CCSF in summer 2010 reached an agreement on the publication of a standard list of fees for ten products and services from among the most popular by all banks, at the top of their fee schedules and on the internet, in 2011. The committee also required a series of strong engagements from banks, and has been tasked by the Minister with attentively monitoring their enactment. In addition, banking and financial regulations have set a new missino for the CCSF, to monitor the evolution of fee practices at banks. To support the reforms to financial architecture and supervision in France, and the creation of the Prudential Control Authority, the CCSF has also contributed to the organisation of meetings between professionals and consumers to discuss various subjects related to European harmonisation: means of payment within the single euro payment area (SEPA) and the reinforcement of information for retail clients. The year 2010 was also marked by the reinforcement of the role of the CCSF by the banking and financial law, to monitor fee practices at banks and subject them to control by the prudential control authority, as the minister required respect for the engagements made by professionals in the financial sector to the CCSF.

p { margin-bottom: 0.08in; } The council of governors of the European Central Bank (ECB) has decided to institute a requirement that individual information be supplied for each loan included in asset-backed securities (ABS) within the Eurosystem guarantee framework. The council of governors says in a statement that it is planning to introduce the requirements within an 18-month time framework, initially for retail mortgage-backed securities (RMBS), and then gradually for other types of ABS. Detailed information on the underlying loans in ABS will be provided in keeping with models available on the ECB website, on at least a quarterly basis, on the day that interest payments on the instrument concerned are paid, or within one month following that date. To facilitate processing, verification and transmission of information, the Eurosystem will encourage market actors to provide the necessary infrastructure for the management of these data. The framework will facilitate the deployment of individual loan information requirements and lead to increased transparency in the ABS market. Following the establishment of the necessary infrastructure to manage these data, the individual loan information communication requirement will become an eligibility criterion for the instruments concerned. The Eurosystem will continue to accept securities which do not respect the new information criteria until the entry into force of the requirement that information on underlying loans be transmitted.

p { margin-bottom: 0.08in; } The Committee of European Securities Regulators (CESR), which on 1 January will become the European Securities and Markets Authority (ESMA), on 20 December published a series of recommendations for the Key Information Document (KID). The CESR lays out the contents and presentation of a standard document for a UCITS product. The Committee also makes proposals for the selection and presentation of performance scenarios for structured OPCVMs and its responses to the consultation held on the subject. The CESR has also addressed transitional measures to assist in the replacement of the simplified prospectus by the DICI. The Committee estimates that the simplified prospectus may continue to be tolerated until 30 June 2010, if legislation by member states allows it. New products authorised after 30 June 2011 will rely on the DICI. Products which continue to use the simplified prospectus after the date on which the directive comes into force on 1 July 2011 will be required to adapt in order to take the DICI’s requirements into account.

p { margin-bottom: 0.08in; } According to reports in La Tribune, Erich Bonnet, one of the founders of the alternative management firm ADI, which was acquired in 2008 by Ofi Asset Management, is a candidate to acquire Olympia Capital Management. The alternative management specialist, currently president of Furstenberg Finances, a firm specialised in investment advising and family office, would team up with a Greek family office for the operation.

p { margin-bottom: 0.08in; } Mutual Fund Wire reports that Mark Fetting, chairman and CEO of Legg Mason, has reshuffled his management team, with the addition of a new head of distribution and one person dedicated to M&A activities. At the same time, Dave Odenath, head of Legg Mason for the Americas, will be leaving the firm at the end of the year. Fetting has recruited Joseph Sullivan as Global Head of Distribution, while Jeffrey Nattans is appointed Head of M&A and business development. Ronald Dewhurst becomes Head of global investment managers.

p { margin-bottom: 0.08in; } The Japanese firm Sparx, in partnership with its hedge fund management units, Cosmo Investment Management in Korea and PMA Capital Management in Hong Kong, is planning to launch a pan-Asian hedge fund in 2011, Asian Investor reports. The strategy of the new product is not yet defined, but the size of the fund will be approximately USD300m. Assets in hedge funds managed by Sparx and its alternative management affiliates total USD2.5bn, while asstes under management by the group total about USD6bn.

Neptune Investment Management is in the process of closing the Neptune Corporate Bond Fund and the Neptune International Bond Fund, both managed by Ted Alexander. The first one was launched in December 2008 and the second one in November 2009 “Neptune constantly reviews its product range to ensure that it is meeting investors’ needs. After careful consideration, the decision was taken to close the funds owing to lower than anticipated investor demand”, says the fund management company. These were the only two fixed income funds of Neptune IM, more focused on equities.

p { margin-bottom: 0.08in; } Responsible Investor reports that the Netherlands pension fund PGGM, with assets under management totalling about EUR80bn, has invested EUR18.9m, in partnership with Ampère Equity fund, in a 24.8% stake in the British offshore wind farm under construction known as Walney. The renewable energy infrastructure fund Ampère Equity Fund has EUR320m in assets. PGGM and the Netherlands pension fund APG have already invested EUR100m each in the fund. PGGM and Ampère will acquire the stake in the wind farm from the Danish energy group Dong Energy, which retains a 50.1% stake.

p { margin-bottom: 0.08in; } The largest German energy company, E.ON, on 20 December announced that it has sold its gas network in Italy to two funds, the Italian F2i SGR and the French Axa Private Equity, stating that the sale brought in EUR255m in cash. The value of the network sold is estimated at about EUR290m, E.ON says in a statement. The network, known as E.ON Rete, has a total length of 9,100 kilometres, and provides gas to 600,000 clients. It is based in Verona and deployed largely in northern Italy, and has about 300 employees. “Our gas distribution network in Italy is relatively small, and subject to severe regulatory conditions. We have nearly no opportunities to exploit economies of scale or synergies with other E.ON activities in Italy. For these reasons, we decided to sell it,” Bernhard Reutersberg, a board member at E.On, cited in the statement, explains.

Royal Bank of Canada has completed the acquisition of BlueBay Asset Management, announced on October 18, 2010. The addition of BlueBay brings over 200 employees and approximately USD40 billion in assets under management to RBC’s Global Asset Management business.

Le numéro un allemand de l'énergie E.ON a annoncé le 20 décembre la vente de son réseau de gaz en Italie à deux fonds, l’italien F2i SGR et le français Axa Private Equity, en indiquant que la transaction lui rapportait 255 millions d’euros en liquide. La valeur du réseau vendu a été estimée à 290 millions d’euros environ, précise E.ON dans un communiqué.Le réseau, nommé E.ON Rete, a une longueur totale de 9.100 kilomètres et approvisionne 600.000 clients en gaz. Basé à Vérone et déployé essentiellement dans le nord de l’Italie, il emploie 300 personnes. «Notre réseau de distribution de gaz en Italie est relativement petit et soumis à des conditions de régulation sévères. Nous n’avons quasiment aucune possibilité d’exploiter des économies d'échelle ou des synergies avec d’autres activités d’E.ON en Italie. Nous avons pour ces raisons décidé de vendre», explique Bernhard Reutersberg, membre du directoire d’E.ON, cité dans le communiqué.

Le Financial Times Fund Management a interrogé plusieurs dirigeants de sociétés de gestion pour savoir quelles étaient leurs principales inquiétudes pour la nouvelle année. En haut de la liste figure la performance, dans un contexte économique difficile. Les nouvelles réglementations sont une autre source de préoccupation, en raison des coûts supplémentaires qu’elles vont représenter pour les sociétés de gestion.

Selon Hedge Week, UBS et Hedge Fund Research (HFR) viennent de lancer le premier ETF construit sur un indice de référence de la performance des hedge funds, à savoir le HFRX Global Hedge Fund Index.Destiné à des investisseurs qualifiés, le nouveau produit, «UBS ETFs plc - HFRX Global Hedge Fund Index SF», est conforme à la directive OPCVM III. Il est coté à la Deutsche Börse et d’autres cotations sont envisagées dans les prochaines semaines.

Selon Responsible Investor, le fonds de pension néerlandais PGGM, dont les actifs sous gestion totalisent quelque 80 milliards d’euros, a investi, en partenariat avec Ampère Equity fund, 18,9 millions d’euros pour prendre une participation de 24,8% dans une ferme éolienne offshore britannique (Walney) en cours de construction.Le fonds d’infrastructures dans les énergies renouvelables Ampère Equity Fund pèse 320 millions d’euro. PGGM et le fonds de pension néerlandais APG ont déjà investi 100 millions d’euros chacun dans ce fonds. PGGM et Ampère achètent la participation dans la ferme éolienne auprès du groupe énergétique danois Dong Energy, qui garde une participation de 50,1%.