Les différentes possibilités d'aide à Dublin seront débattues ce jour par l'Eurogroupe

Après ceux de Nyse Euronext et TradingScreen, le projet de MTS pour le marché secondaire a été jugé conforme aux attentes de la Place

La situation irlandaise et l'utilisation des différents leviers dont l'Europe dispose seront au centre de la réunion de l'Eurogroupe ce soir

Le gouvernement de Dubai aurait pris la main sur le plan de restructuration de Dubai Holding, le groupe d’investissements financiers et immobiliers de la région, en injectant quelque 2 milliards de dollars dans le groupe qui possède 12 milliards de dettes, selon le quotidien qui cite des propos de Mohammed al-Shaibani.

Lla Banque Privée 1818 et Rothschild & Cie Gestion annoncent la signature d’un protocole d’accord définissant les modalités de rapprochement de Sélection R et 1818 Partenaires, leurs plateformes dédiées aux conseillers en gestion de patrimoine indépendants (CGPIs). Le nouvel ensemble sera détenu majoritairement par la Banque Privée 1818 qui en prendra le contrôle opérationnel et Rothschild & Cie Gestion qui deviendra le second actionnaire.

Le déploiement du concept «Planet» de Carrefour prévu dans le cadre de son vaste plan de relance de ses hypermarchés, est reporté à la fin du premier semestre 2011, rapporte lundi Le Figaro. Le numéro deux mondial de la distribution avait présenté en septembre un plan de relance de 1,5 milliard d’euros afin de plus que doubler ses profits d’ici à 2015.

La Grèce a confirmé qu’elle tiendrait son engagement de ramener le déficit budgétaire en-dessous de la barre des 3% du produit intérieur brut (PIB) en 2014, conformément aux exigences de l’Union Européenne, en dépit d’une révision à la hausse du chiffre de l’an dernier à 15,4% du PIB par Eurostat contre une estimation initiale de sa part de 13,6% et une projection de 13,8% du gouvernement grec. Le déficit budgétaire grec atteindra cependant 9,4% du produit intérieur brut (PIB) en 2010, a annoncé le ministère des Finances, au lieu des 7,8% prévus il y a encore un mois. La dette de la Grèce devrait elle gonfler pour atteindre 144% du PIB cette année contre 126,8 % du PIB en 2009. Par ailleurs, le Premier ministre grec George Papandréou a accusé l’Allemagne de faire courir à certains pays de la zone euro un risque de faillite en raison de sa position instransigeante sur la dette.

Le Comité Cassiopée a donné une opinion favorable à MTS pour la mise en place d’une plate-forme obligaire corporate secondaire en France. Il s’agit du troisième projet à être jugé conforme au cahier des charges élaboré cette année par la Place, après ceux de Nyse Euronext et TradingScreen. Le Comité Cassiopée a annoncé qu’il était parvenu au terme de sa mission.

Lundi 15 novembre, AXA a annoncé avoir fait avec AMP une proposition commune à AXA APH par laquelle AXA cèderait ses 54% dans AXA APH à AMP et acquerrait les activités asiatiques d’AXA APH. Les directeurs indépendants d’AXA APH étudient la proposition, note le communiqué qui précise que la proposition est soumise à la finalisation d’une due diligence par AMP et à un accord entre AMP, AXA APH et AXA sur la documentation légale finale « que les parties essaieront de finaliser dès que possible ». En cas d’accord et de transaction finale annoncés, un « scheme of arrangement » serait mis en place, qui requerra l’approbation des actionnaires minoritaires d’AXA APH1 et serait soumis aux conditions usuelles, incluant notamment l’obtention d’autorisations des régulateurs Australiens et Asiatiques. Dans le détail, en cas de succès de la transaction, - AMP acquerrait 100% des actions existantes d’AXA APH pour 13,3 milliards de dollars australiens. AMP achèterait les actions d’AXA dans AXA APH pour 7,2 milliards de dollars australiens en numéraire. - AXA achèterait à AMP 100% des activités asiatiques d’AXA APH pour 9,8 milliards de dollars australiens en numéraire. Le prix des activités d’AXA APH en Australie et Nouvelle-Zélande serait de 3,5 milliards de dollars australiens. Le montant net en numéraire pour AXA serait de 2,7 milliards de dollars australiens (ou environ 1,8 milliard d’euros en bénéficiant des gains de couverture de change existants) avant remboursement d’une dette interne d’AXA en faveur AXA APH pour un montant de 0,7 milliard de dollars australiens (0,5 milliards d’euros). Si les parties se mettent d’accord définitivement sur la proposition, la transaction dépendra de l’approbation par les actionnaires minoritaires d’AXA APH à travers un « scheme of arrangement » qui devrait se tenir fin mars 2011, et l’obtention des obligations et conditions usuelles, incluant l’approbation du Trésor australien et des régulateurs asiatiques. AMP a déjà reçu les approbations pour l’acquisition de la part de l’autorité de la concurrence australienne (« ACCC ») et de la commission du commerce néo-zélandaise.

Kairos, Fidelity, Invesco, Amundi sont les noms des sociétés de gestion prêtes à recruter en Italie, rapporte Bluerating, qui cite un article du Corriere Della Sera. En tout, 250 postes sont à pourvoir dans le secteur italien de la gestion d’actifs.

Du fait de performances relatives durablement insatisfaisantes, le FRR a résilié un mandat de gestion contracté avec BlackRock. Ce mandat portait sur la gestion d’un portefeuille d’actions américaines de petites capitalisations. Son montant atteignait 478 millions d’euros au 1er novembre 2010. L’ensemble des opérations de résiliation a été mené à bien.

p { margin-bottom: 0.08in; } Investors remained highly cautious in September. Long-term UCITS-compliant funds posted net inflows of EUR10bn, compared with EUR38bn in August, according to the most recent statistics from the European fund and asset management association (EFAMA). Most inflows went to bond funds, totalling a net EUR6bn, compared with EUR23bn the previous month, while diversified funds took in EUR2.3bn compared with EUR7.3bn, and equities funds saw inflows of EUR100m, compared with EUR600m in August. Net inflows to bond funds totalled EUR89.3bn in the first nine months of the year, while diversified funds took in EUR58.3bn. UCITS-compliant funds as a whole posted net outflows of EUR11bn in September, following inflows of EUR54bn in August. This evolution is largely due to net outflows of EUR21.1bn from money market funds, which attracted nearly EUR16bn the previous month. Over nine months, money market funds saw outflows of nearly EUR107bn. Non-UCITS-compliant funds, for their part, posted net inflows of EUR10.5bn, compared with EUR11.1bn in August, largely due to the stability of inflows to dedicated funds (EUR9.7bn, compared with EUR10.8bn). In the first nine months of the year, net inflows to funds as a whole (UCITS and non-UCITS) totalled EUR163.6bn, compared with EUR149bn in the corresponding period of 2009.

@font-face { font-family: «Arial"; }@font-face { font-family: «Cambria"; }p.MsoNormal, li.MsoNormal, div.MsoNormal { margin: 0cm 0cm 0.0001pt; font-size: 12pt; font-family: «Times New Roman"; }div.Section1 { page: Section1; } @font-face { font-family: «Arial"; }@font-face { font-family: «Cambria"; }p.MsoNormal, li.MsoNormal, div.MsoNormal { margin: 0cm 0cm 0.0001pt; font-size: 12pt; font-family: «Times New Roman"; }div.Section1 { page: Section1; } Khadem al-Qubaisi, chairman of Aabar, the sovereign fund of Abu Dhabi, told the Financial Times the fund was looking at two infrastructure investments in Europe, each with a value of between EUR500m and EUR1bn. Aabar is also considering buying a “small stake” in a blue-chip telecoms company in Europe or the US.

p { margin-bottom: 0.08in; } The index provider Russell Investments and the specialist in portfolio optimisation tools Axioma are offering a new series of indices which measure the relative sensitivity of a portfolio to individual factors. The new indices, based in the Russell 1000, Russell 2000, and Russell 3000 investment universes, are Russell-Axioma Momentum Index, Russell-Axioma Leverage Index, Russell-Axioma Lquidity Index, Russell-Axioma Beta (Market Sensibility)Index, and Russell-Axioma Volatility Index.

p { margin-bottom: 0.08in; } In the first ten months of the year, Julius Baer has posted an increase of 14% to its assets under management since the end of 2009, at CHF175bn. Client assets increased 12% to CHF271bn.Net subscriptions ranged from 4% to 6% in the period, in line with the mid-term objective established by the bank.Julius Baer says that the largest growth in its activities was for emerging markets in Asia, Latin America, the Middle East, and Russia and Eastern Europe, as well as Germany.

p { margin-bottom: 0.08in; } On Saturday the second of three auctions of furniture, accessories and items from the household of Bernard Madoff was held at the Sheraton New York Hotel & Towers, the Wall Street Journal reports. Thousands of items went under the hammer, including pre-worn shoes. An anonymous buyer paid USD550,000 for a 10.5 carat diamond which belonged to the wife of the fraudster. Another anonymous bidder carried off a collection of clothing and footwear for USD6,000. A Steinway piano was sold for USD42,000, six times its reserve price.

p { margin-bottom: 0.08in; } In the United States, net inflows to mutual funds in October totalled USD26.8bn, nearly twice as much as in September, according to statistics from Morningstar. With the notable exception of US equities, all asset classes posted positive inflows. International equities and diversified funds posted their best monthly inflows since April, with net totals of USD5.7bn and USD2.3bn, respectively. Outflows continued for money market funds, with net outflows of USD16.6bn in October. Assets in money market funds as a proportion of assets under management in mutual funds fell to 25.7%, compared with 33.7% twelve months previously. For ETFs listed in the United States, net inflows last month totalled USD13.1bn, compared with USD25.5bn in September. Since the beginning of the year, net inflows to ETFs totalled USD80.6bn. Assets in ETFs now total USD944.7bn, up 34% year on year. International equities remain the most popular asset class, with net inflows in October of USD9.2bn, and USD33.2bn since the beginning of the year.

p { margin-bottom: 0.08in; } The ability of hedge funds to generate alpha declines as they grow bigger, a research by Spring Mountain Capital, cited by the Wall Street Journal, has shown. «It is hard for larger funds to find enough liquid, yet misunderstood, assets to generate alpha. Once a fund grows beyond USD1.5 billion, the only thing that it increases is exposure to generic market beta,» said Haim Mozes, a co-author of the paper and an associate professor of accounting at Fordham University in New York.

p { margin-bottom: 0.08in; } On Monday, 15 November, AXA announced that with AMP it has made a joint offer to AXA APH, by which AXA would sell its 54% stake in AXA APH to AMP, and would acquire the Asian activities of AXA APH. The independent directors of AXA APH are studying the offer, the statement notes, adding that the proposal will be subject to finalisation of due diligence by AMP and an agreement between AMP, AXA APH and AXA abou thte final legal documentation, “which the parties will work to finalise as soon as possible.” If a final agreement and a deal are announced, a “scheme of arrangement” would be set up, which would require the approval of minority shareholders in AXA APH1, and which would be subject to the usual conditions, including a requirement that the approval of the relevant Australian and Asian regulators be obtained. Under the offer, shareholders in AXA APH would receive the equivalent of AUD6.43 per share, in cash and AMP shares, as well as the final 2010 dividend from AXA APH of 9.25 Australian cents per share (pending the announcement of such a dividend by AXA APH). Minority shareholders in AXA APH would receive complete protection in case of a fall in the volume-weighted average price (VWAP) after the scheme as far as AUD4.50, with additional cash to maintain an offer equivalent to AUD6.43. Minority shareholders in AXA APH would also earn 50% of any post-scheme VWAP above AUD5.60.

p { margin-bottom: 0.08in; } Kairos, Fidelity, Invesco, and Amundi are some of the asset management firms preparing to hire people in Italy, Bluerating reports, citing an article in the Corriere Della Sera. In all, 250 jobs may be created in the Italian asset management industry.

p { margin-bottom: 0.08in; } Hedgeweek reports that a study by the consulting firm Spectrem, entitled “The Usd25m Plus Investor,” finds that half of all US households with over USD25m invested in hedge funds in 2010. This represents an increase of 43% compared with the levels observed in 2007. The average portfolio for this category of the population totals USD4.6m. In other words, the financial crisis and the difficulties encountered by alternative management firms in the period do not seem to have dissuaded high net worth Americans from investing in hedge funds. These investors also increased their exposure to private equity and venture capital.

p { margin-bottom: 0.08in; } Robert C. Jones, director of quantitative investment at Goldman Sachs Group, is retiring at the end of this year, according to a memo sent to directors of the asset management unit at the bank, cited by Financial News.

p { margin-bottom: 0.08in; } The Californian pension fund CalPERS has announced an investment of USD500m in an internally-managed strategy which will bet on companies which are actively working to improve the environment and combat climate change. CalPERS had previously limited its investments to external managers, but “this more robust quantitative strategy will allow us to act on a larger scale and to engage ourselves more directly” with the best-performing firms in environmental terms, the chairman of the board of trustees at CalPERS, Rob Feckner, says in a statement. The team in charge of the new strategy will rely on the HSBC CCI (Global Climate Change Benchmark Index), which at the end of 2009, included 380 firms from 36 countries, with capitalisation of at least USD400m. The portfolio will include only companies which earn a large part of their revenues from the production of alternative energies.

p { margin-bottom: 0.08in; } The New York Times reports that Morgan Stanley and Peter Muller, the head of its Process Driven Trading unit, specialised in quantitative management, are in advanced talks over plans to spin off the unit. The newspaper reports that Morgan Stanley may separate from the entity, and retain a minority stake, while Muller would retain access to Morgan Stanley’s infrastructure. The Process Driven Trading unit has earned about USD4bn in profits in the ten years to 2006, but since the financial crisis and the passage of the Dodd-Franck law, which limits proprietary trading activities by Wall Street firms, Morgan Stanley, like other Wall Street firms, has decided to adapt to the new environment.

p { margin-bottom: 0.08in; } Asian hedge funds are continuing to perform well. According to data from Hedge Fund Research, the HFRX China index has gained 5.5% in the first nine months of the year, an outperformance of nearly 25% compared with the Shanghai Composite index. In light of these good returns, assets invested in Asian hedge funds have increased by nearly USD4bn, to USD78bn, including net inflows of over USD300m, Hedgeweek reports. Nearly two thirds of capital allocated to hedge funds dedicated to Asia were invested in equities strategies, while overall, the proportion dedicated to equities is less than one third.

p { margin-bottom: 0.08in; } The management boutique VAM Funds on has announced the forthcoming launch of two new funds on 19 November, one dedicated to government bonds, and the other to commodities. The Global Government Bond fund, structured as a UCITS fund, will aim for net returns of 4% after commissions. It will be managed by the Swiss boutique, based in Lausanne Peers. Allocation at launch will be to government bonds from Germany (40.48%), the UK (13.4%), the US (12.18%), Japan (10%), France (9.91%), Australia (5.22%), and Canada (4.97%). Minimal investment is GBP5,000, with management fees of 1.2% per year. The other vehicle, specialised in securities related to commodities, will be managed by Fleming family and Partners. Minimal investment is USD10,000, with management fees of 2.25% per year.

In September, European funds had net subscriptions of only EUR3bn, according to the most recent Lipper statistics. Without money market funds, inflows total EUR22bn, nearly the same level as the previous month. Bond funds made a significant contribution to that total, attracting EUR16bn, of which EUR5bn went to only 5 funds. The funds were the Templeton Global Bond Fund, Pimco Funds – Total Return Bond Fund, Axa IM FIIS – US Short Duration High Yield, Templeton Global Total Return Fund, and Schroder ISF-Emerging Markets Debt Absolute Return. This means Allianz/Pimco was the most successful group in September, with net inflows of EUR3bn, bringing its net inflows to funds excluding money markets in the first three quarters to EUR17.1bn. But since the beginning of the year, Franklin Templeton has been the best in terms of inflows, with EUR23.9bn. For equities, Lipper notes the strong interest of investors in emerging markets (EUR2.3bn) and for the Asia-Pacific region (EUR2.1bn). And in this area, among asset management firms, Deutsche Bank stands out for the month with net inflows of EUR2.3bn, largely thanks to its db x-trackers ETF range. Excluding ETFs, four firms posted net subscriptions of over EUR300m to equities for the month: Aberdeen (EUR870m), Franklin Templeton, Carmignac, and Comgest. In geographical terms, the most dynamic countries were the United Kingdom and Switzerland. Markets dominated by banks, such as Spain, France and Italy, underwent redemptions. France alone saw net redemptions of EUR1.1bn, excluding money market funds.

The announcement on October 6 by Fitch to downgrade Ireland’s debt from double-A to A-plus automatically triggered a provision in Chile’s regulations that meant Ireland’s entire funds industry being placed on watch list, writes the Financial Times. It means that Chilean fund managers will have to pull out of Ireland.Chile’s Risk Classification Commission, the body regulating pension fund investments, is expected to meet on November 30. Irish officials hope they will invoke a loophole in the regulations to avoid a withdrawal.@font-face { font-family: «Arial"; }@font-face { font-family: «Cambria"; }p.MsoNormal, li.MsoNormal, div.MsoNormal { margin: 0cm 0cm 0.0001pt; font-size: 12pt; font-family: «Times New Roman"; }div.Section1 { page: Section1; }

p { margin-bottom: 0.08in; } Axa Investment Managers Deutschland announced at the end of last week that it is extending the freeze on redemptions from its open-ended real estate fund Axa Immoselect for another year. Redemptions from the Immoselect fund have been closed since late 2009. Axa IM Deutschland explains that the decision is due to a lack of liquidity to meet up to expected redemptions. Gross liquidity currently totals about EUR250m, which corresponds to 9.2% of overall assets. The firm has reaffirmed its plans to reopen redemptions eventually.

p { margin-bottom: 0.08in; } Caja Madrid has started its end-of-year campaign with the launch of the “Plan Protegido Bolsa Europa Caja Madrid,” a guaranteed pension fund, Expansión reports. The product, which matures in February 2016, guarantees 100% of capital plus 7% for each year that the value of all equities in its benchmark basket (Santander, ENI, E.On, Telefónica and Vodafone) are higher than their initial share price.Caja Madrid is also launching a bond pension fund, the Plan Protegido Renta 2017 Caja Madrid, which matures on 31 July 2017, which guarantees at least 115.82% of initial capital at maturity, which represents an effective rate of 2.25%.