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12/11/2010

Qualium investit dans Sogal

Les fonds gérés par la filiale de la Caisse des Dépôts reprennent la majorité du capital de Sogal, spécialiste de la fabrication et de la vente de solutions d’aménagement d’intérieur sur mesure en BtoB. Ils sont accompagnés dans cette phase par Ui Gestion, tandis que les cadres et les dirigeants détiennent 15% du capital.
12/11/2010

Le débat se durcit autour de la MIF

Le rapport adopté cette semaine par le Parlement européen en vue de la révision de la directive Marchés d’instruments financiers demande une remise à plat de règles existantes, qui n’ont pas atteint leurs objectifs. Une position qui va dans le sens des opérateurs historiques.
12/11/2010

Bercy veut réformer le plan épargne logement

«Rendre le PEL plus attractif, plus populaire afin que les ménages disposent d’un outil efficace pour constituer leur apport personnel en vue d’un projet immobilier», explique la ministre de l’Economie, Christine Lagarde au quotidien. Tel est le but du projet de réforme du plan épargne logement devrait être présenté mercredi en Conseil des ministres.
12/11/2010

Les propriétaires de TDC mettent leurs actions en vente

Les propriétaires de la société de télécommunication danoise TDC devraient annoncer dès aujourd’hui leur intention de mettre en vente pour quelque 16 milliards de couronnes danoises (2,2 milliards d’euros) d’actions, valorisant ainsi la société à 9 milliards d’euros dette incluse, selon le quotidien qui ne cite pas ses sources. Blackstone, Permira, Kohlberg Kravis Roberts, Apax Partners et Providence Equity Partners avaient en effet acheté une participation de 88% dans TDC il y a 5 ans. La société danoise avait cédé le mois dernier sa filiale suisse, Sunrise Communications, à CVC Capital Partners pour 3,3 milliards de francs suisses.
10/11/2010

L'excédent commercial chinois se creuse plus que prévu en octobre

L’excédent commercial chinois s’est creusé davantage que prévu en octobre. Les exportations chinoises ont augmenté sur un an de 22,9% le mois dernier, cependant que les importations ont progressé de 25,3%. L’excédent commercial chinois ressort ainsi à 27,1 milliards de dollars (19,7 milliards d’euros), contre 16,9 milliards de dollars en septembre.
10/11/2010

La BoE voit l'inflation à moins de 2% en deux ans

L’inflation de la Grande-Bretagne tombera en l’espace de deux ans en deçà de l’objectif fixé, écrit la Banque d’Angleterre, tout en soulignant que les perspectives sont fort incertaines et qu’elle est prête à modifier sa politique monétaire dans un sens ou dans l’autre. Dans son rapport sur l’inflation trimestriel de la banque centrale, la banque centrale voit l’inflation à 1,6% environ à un horizon de deux ans, qui est celui de sa politique monétaire. L’objectif d’inflation de la BoE est de 2%.
10/11/2010

Le Portugal adjuge 1,242 milliard d’euros au prix fort

Malgré la détérioration des conditions de marché, le Portugal a placé ce matin 556 millions d’euros d’obligations d’Etat de maturité octobre 2016 et de coupon 4,2% et 686 millions de dette d’échéance juin 2020 et de coupon 4,80%, soit un total de 1,242 milliard d’euros, contre une fourchette indicative de 750 millions-1,25 milliard. Le Portugal a dû offrir aux investisseurs un rendement de 6,156 % sur la dette à 6 ans, soit 178 points de base de plus que celui de la précédente adjudication sur la même maturité en août (4,371%). En revanche, le ratio de couverture (montant demandé sur montant alloué) est ressorti à 2,3 fois, contre 2,1 fois précédemment. Concernant la dette d’échéance 2020, le rendement offert a été fixé à 6,806% contre 6,242 % lors de l’adjudication de septembre. Mais l’appétit des investisseurs pour la dette à 10 ans s’est nettement réduit puisque le ratio de couverture a été publié à 2,1 fois, à comparer à 4,9 fois en septembre.
10/11/2010

Le déficit grec revu à la hausse

Le déficit budgétaire de la Grèce diminuera moins qu’initialement prévu en 2010, à 9,3% du PIB environ, en raison d’une faible croissance des recettes et d’une révision à la hausse du déficit de l’an passé. Dans son projet de Loi de finances 2011, publié début octobre, Athènes projetait un déficit de 7,8% du PIB contre 13,8% en 2009.
10/11/2010
Fonds

Le fonds de pension AP1 porte plainte contre BNY Mellon

Selon ICFA Online, le fonds de pension suédois Första AP-fonden (AP1) a déposé une plainte contre BNY Mellon auprès de la Commercial Court de Londres. Le fonds de pension accuse la banque d'être responsable d’une perte de 35,5 millions de dollars suite à des décisions d’investissements prises en 2008 et qui ne correspondaient pas, selon AP1, aux principes d’investissement définis par le fonds de pension. La banque a effectué des investissements dans des obligations émises par Sigma Finance, qui a été mis sous administration judiciaire en octobre 2008.
Fonds
10/11/2010

Superfund a dégraissé un tiers de son effectif

D’après fondsprofessionell, le gestionnaire alternatif autrichien Superfund a licencié environ un tiers de son personnel cet année dans le cadre d’une campagne de réduction des coûts et de colmatage de ses pertes. Il a également réduit considérablement ses activités de sponsoring et abaissé de 20 % ses frais de gestion.L’encours se situerait actuellement à 880 millions d’euros contre plus d’un milliard il y a un an et 1,5 milliard voici cinq ans.
10/11/2010
Fonds

iShares lance un autre ETF à Milan

iShares, la plate-forme ETF de BlackRock, vient de lancer l’iShares JP Morgan $ Emerging Markets Bond à la Bourse de Milan, portant à 98 le nombre de ses ETF cotés en Italie. Cet ETF, qui permet de s’exposer à la dette émergente libellée en dollars, a atteint un encours de plus de 1 milliard de dollars.
Fonds
10/11/2010

Intesa Sanpaolo : augmentation des bénéfices d'Eurizon et de Fideuram

Pour le troisième trimestre 2010, le groupe Intesa Sanpaolo affiche un bénéfice net de 510 millions d’euros contre 1.002 millions pour avril-juin (résultat qui comportait 648 millions de plus-values nettes provenant de la vente des activités de securities services). Pour les neuf premiers mois de l’année, le bénéfice net baisse de 2,7 % à 2,2 milliards d’euros, les activités retail en Italie étant pénalisée par la faiblesse des taux euribor.L'épargne gérée atteignait au 30 septembre les 240 milliards d’euros, soit 1,4 % de plus que fin juin, 3,4 % de plus que fin décembre et 4,7 % de plus qu’un an auparavant.La filiale de gestion d’actifs Eurizon Capital affiche un bénéfice net de 52 millions d’euros pour janvier-septembre dont 16 millions pour le troisième trimestre, contre 41 millions pour les neuf premiers mois de 2009.Pour sa part, Banca Fideuram (banque privée) a dégagé un bénéfice net de 114 millions d’euros pour les trois premiers trimestres (dont 41 millions pour le troisième trimestre) contre 104 millions en janvier-septembre 2009
10/11/2010

Europe leads for reductions in CO2 emissions, but could still do better

p { margin-bottom: 0.08in; } The largest European companies are the most engaged worldwide in reporting and management of carbon emissions, according to the Carbon Disclosure Project (CDP) Europe 300 list for 2010, published on 9 November. However, on the basis of annual projections for the 300 largest European companies, Europe will still not achieve the emission limits set out by the European Union Emission Trading Scheme (EU-ETS) for 2020. If these firms achieve their annual objectives, they may achieve a reduction in annual emissions of only 1.5% per year. These reductions are lower than the absolute reductions required by the EU-ETS of 1.9% per hear on average until 2013 and 2020, and up to 4.1% if the European Union decides to set an objective of a 30% reduction in greenhouse gas (GES) emissions throughout Europe. The analysis, undertaken by CA Cheuvreux, reveals that nearly 80% of businesses which responded to the CDP questionnaire have set emissions reduction targets, most of which will expire in 2012, and less than one quarter of businesses have set objectives beyond 2015. In order for businesses to extend these horizons and achieve the higher objectives required, the report recommends that a clear long-term regulatory framework be defined. For all activity sectors, nearly nine companies out of ten see regulatory opportunities emerging from climate change policy.
10/11/2010

Henderson portfolio manager increases stake in Gartmore

On Tuesday, it was revealed that Henderson Global Investors owns a 14.23% stake in Gartmore. The latter asset management firm, listed on the London stock exchange, is currently encountering some difficulties, following the departure of several star managers. As several rumours of an acquisition of Gartmore were circulating, the stake was acquired on behalf of Henderson clients.When asked about it, the UK management firm, which recently acquired New Star, referred to an article in Investment Week, which stated that its UK equities manager, Stephen Peak, has increased his stake in Gartmore to 14.23%, up from 11% in July, on behalf of several long-only funds. “ At the moment the valuation suggests the franchise is dead and there is no hope of future inflows. I believe those views will prove to be wrong ,” the fund manager tells this website.
10/11/2010

Intesa Sanpaolo: Eurizon and Fideuram profits up

p { margin-bottom: 0.08in; } In third quarter 2010, the Intesa Sanpaolo group has posted net profits of EUR510m, compared with EUR1.002bn in April-June (which included EUR648m in net capital gains from sales of securities services activities). In the first nine months of the year, net profits are down 2.7% to EUR2.2bn, as retail activities in Italy were penalised by weak Euribor rates.Savings under management as of 30 September totalled EUR240bn, 1.4% more than at the end of June, 3.4% more than at the end of December, and 4.7% more than one year previously.The asset management affiliate Eurizon Capital posted net profits of EUR52m for January-September, of which EUR16m were in third quarter, compared with EUR41m in the first nine months of 2009.Banca Fideuram (private banking) earned net profits of EUR114m for the first three quarters (of which EUR41m were in third quarter), compared with EUR104m in January-September 2009.
10/11/2010

Credit Suisse signs a distribution agreement with Kimco

p { margin-bottom: 0.08in; } Asian Investor reports that Credit Suisse Asset Management has signed an exclusive distribution agreement in Japan and elsewhere in the world with the Singapore-based alternative management firm Kimco International. The head of asset management at Credit Suisse Japan, Akira Takahashi, says that he is hoping to double or triple assets under management at Kimco in a short period of time; they currently total about USD200m. Kimco, founded in 2006, with 10 personnel in Japan, uses a long/short, bottom-up strategy on Japanese equities.
10/11/2010

New CEO appointed at Quam

p { margin-bottom: 0.08in; } The Hong Kong-based management firm Quam Asset Management has appointed Richard Harris as chief executive officer, Asian Investor reports. Harris, previously chief executive of the consulting firm Port Shelter Investment Company, will be in charge of long/short strategy for China, Quan Greater China Fund, whose size he will endeavour to increase (currently USD50m). He will report directly to the president of the Guam group, Bernard Pouillot. Quam AM has recently launched a long-only fund dedicated to the Middle East, and is planning to put together an African team to launch a fund dedicated to Africa (Quam African Fund).
10/11/2010

Assets at Hugau Gestion up 28% since the beginning of the year

Currently, assets at Hugau Gestion total over EUR900m, which represents an increase of EUR220m, or 28% since the beginning of the year, of which about EUR200m are net subscriptions.99% of these funds come from French institutional investors, of whom none have contributed more than 6% of assets, while the management firm now has over 80 subscribers. “The next step,” explains Eric Le Maire, CEO, “will be to capture French corporates, and then to consider possibly exploring foreign markets.” The important thing for Hugau Gestion is to “find loyal clients, who understand what we are doing, which implies that we also need to understand what they are doing. That is the doctrine we have followed for three years.”Management of the six mutual funds from Hugau, overseen by Catherine Huguel (including the Hugau Moneterme fund, with EUR450m, and Hugau Obli 1-3, with EUR335m), is highly transparent: 40-45 positions of direct investment, with no leverage, on large caps. Funds in the bond range have virtually no positions on government bonds.The results are encouraging, at least for the two major products under the brand name, as the Moneterme fund shows returns as of the end of October of 1.56% since the beginning of the year, compared with 0.34% fo rthe benchmark index (capitalised Eonia), while Obli 1-3 has gained 3.27%, compared with 1.32% for the EuroMTS 1-3 years.
10/11/2010

Four appointments to sales teams at Lazard Frères Gestion

Lazard Frères Gestion announced on Tuesday, 9 November that it has added to its sales teams dedicated to the IFA market and private banking in France.In detail, in Paris, Grégory Maes, 38, joined the IFA sales development unit on 3 May this year, to develop inflows and relations with IFAs and insurance platforms. Previously, he was head of sales to IFA in the Distribution teams at AXA Investment Managers, since 2006.In Lyon, Sébastien Janin has joined the IFA and private management sales development unit. Janin, 38, was previously head of sales for Southern and Eastern France at UBS, since 2006.In Bordeaux, Anne Brouard, 26, has joined the private management, IFA and institutional management sales development unit. She was previously head of the Bordeaux office of the Banque Privée Neuflize OBC, since 2006. In the Provence-Alpes-Côte d’Azur (PACA) and Languedoc-Roussillon regions, Christian-Pierre Larnaudie on 1 April took up a position as senior advisor. His mission, according to a statement, will be to assist Lazard Frères Gestion in its development in private management and to study the attractiveness of opening a local office. Larnaudie, 61, spent the previous ten years as director of the UBS office in Marseille, and then regional director in Bordeaux.
10/11/2010

Mutual Funds Against Cancer becomes Expect Miracles Foundation

p { margin-bottom: 0.08in; } The Mutual Funds Against Cancer (MFAC) initiative has adopted the new name Expect Mircales Foundation – Financial Services Against Cancer, on the occasion of its end-of-year charity event (7th Annual Expect Miracles Wine & Spirits Charity Event in Boston). The founder and president of the foundation, Frank Strauss, says that the change comes because now, after five years, mutual funds are no longer the only ones to be contributing to the fight against cancer, which is now being taken on by the financial sector more broadly.
10/11/2010

Superfund lays off one third of staff

p { margin-bottom: 0.08in; } According to fondsprofessionell, the Austrian hedge fund management firm Superfund has laid off about one third of its personnel this year as part of a cost-reduction campaign to stem losses. It has also considerably reduced its sponsoring activities, and lowered its management fees by 20%. Assets are currently reported to total EUR880m, compared with over EUR1bn one year ago, and EUR1.5bn five years ago.
10/11/2010

AFG launches employment study of third-party asset management

In a letter from the AFG dated November 2010, the association has announced that as a part of its work on the asset management industry, it will launch a study of employment. “This study, which will aim to be representative of the entire management ecosystem in France, will aim not only to provide data and analysis of the structure of direct employment which the major existing professions and functions at management firms provide, but also to estimate the number of jobs generated indirectly by their outsourced or delegated activities ,” the AFG says. The last study of this type was published in September 2008, covering management firms which belong to the AFG. Third-party asset management then generated 70,000 jobs, of which 13,000 were directly employed and nearly 10,000 outsourced, and about 47,000 jobs in distribution, brokerage, and other associated professions.
10/11/2010

CalPERS announces net returns of 13.3% for the year to 30 June

p { margin-bottom: 0.08in; } The Californian pension fund CalPERS (California Public Employees’ Retirement System) on 9 November announced net return on investments of 13.3% for the year to 30 June 2010, an improvement of nearly 20 percentage points over initial estimates. The market value of CalPERS’ assets under management totalled USD200.5bn, USD500m higher than the figure announced in July, and a gain of over USD40bn since its low point in March 2009. As of 22 October this year, its market value totalled USD2018.2bn. Performance objectives were exceeded in all asset classes except real estate. Growth for the year to the end of June was 20.35% for fixed income, 23.88% for private equity, and 14.42% for equities. Real estate limited its losses of 10.76% compared with an initial estimate of over 37%. As of 30 June, average annualised returns for the past 20 years totalled 7.65%.
10/11/2010

The Hartford returns to profitability

p { margin-bottom: 0.08in; } The Hartford Financial Services Group has announced net profits for third quarter 2010 of USD666m, compared with losses of USD220m for the corresponding period of last year, bringing total net profits in January-September to USD1.06bn, compared with losses of USD1.44bn. In wealth management, net profits in July-September totalled USD320m, compared with losses of USD335m, while assets totalled USD301bn as of 30 September, up 6% compared with second quarter and 3% compared with third quarter 2009.
10/11/2010

Savings unit at Natixis gains 7% in third quarter

p { margin-bottom: 0.08in; } In third quarter 2010, pre-tax profits for the Savings unit of Natixis, which includes asset management, life insurance, private banking and private equity for third parties, totalled EUR116m, up 7% compared with third quarter 2009, on revenues up 12% to EUR431m. Revenues for asset management are up 12% (+5% at constant exchange rates), compared with third quarter 2009, at EUR350m. Assets totalled EUR527m as of 30 September 2010 (+3% at constant exchange rates) compared with the end of June 2010. In Europe, assets totalled EUR321bn, up 1% for the quarter. Outflows were largely from money market supports (-EUR3.7bn). Excluding money market funds, inflows were positive to the tune of EUR1.1bn, driven largely by life insurance products. In the United States, assets totalled USD279bn, up 7% compared with 30 June 2010. Inflows were positive, at USD0.9bn. The Natixis group has confirmed its recovery, with net profits of EUR305m in third quarter, and EUR1.29bn in the first nine months of the year, while it had losses of EUR2.23bn in the first nine months of 2009.

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