Paris, nouvelle capitale européenne de la gestion du « collateral » ?
L’avis d’expert de... Sofiane Messaoudi, consultant senior chez Julhiet Sterwen
La gouvernance des fonds de pension remise sur la table
Leur qualité et leur niveau de professionnalisation doivent accompagner et garantir la transformation de ces plans de retraite.
2,4 %
C’est le taux de chômage (de la population active) au Japon en janvier pour 2,7 % attendu par le consensus. Il n’avait été jamais aussi bas depuis avril 1993. Le manque de main-d’œuvre se fait cruellement sentir dans l’économie nippone. On décèle 1,59 offre d’emploi pour 1 demande.
Brownfields vise 250 millions d’euros pour son fonds « friches »
Dépollution. Le troisième fonds de réhabilitation emmené par le gestionnaire Brownfields ambitionne 250 millions de collecte. Le gestionnaire, qui développe dans la commune de Seine-Saint-Denis un projet sur les anciennes friches industrielles Westinghouse, a annoncé avoir levé 165 millions d’euros dans le cadre du premier closing pour son nouveau fonds Brownfields III. En détail, 80 millions d’euros ont été levés auprès d’investisseurs historiques : la Banque européenne d’investissement et la Caisse des dépôts (40 millions d’euros chacun). Une dizaine d’investisseurs institutionnels dont La Banque Postale et AG2R apportent de leur côté 85 millions d’euros pour porter le montant global à 165 millions d’euros. Positionné sur une frange alternative de la gestion immobilière, Brownfields s’emploie à dépolluer et reconvertir des sites industriels, tertiaires ou commerciaux au cœur des villes.
Bercy veut une profonde réforme du Perco
La sortie en capital se trouverait fortement limitée, sauf pour les petits contrats.
Londres et Riyad envisagent un partenariat commercial colossal
La Grande-Bretagne et l’Arabie saoudite ont exprimé mercredi leur ambition d'établir un partenariat de relations commerciales et d’investissements qui pourraient atteindre 65 milliards de livres (72,8 milliards d’euros) dans les prochaines années. Le gouvernement britannique a jugé que cette perspective constituait un signe de confiance dans l'économie du Royaume-Uni avant le Brexit. Cette annonce a été faite à l’issue d’une rencontre entre la Première ministre britannique Theresa May et le prince héritier saoudien Mohamed ben Salman en visite à Londres.
La hausse des salaires a accéléré depuis le début de l'année aux Etats-Unis
Les employeurs américains ont fait part d’une accélération de la hausse des salaires depuis le début de l’année, indique le Livre Beige publié par la Réserve fédérale (Fed) mercredi, signe que les tensions du marché du travail contraignent les entreprises à augmenter leurs rémunérations. Dans plusieurs des 12 régions sur lesquelles porte l’enquête, la progression des salaires a accéléré à un rythme modéré. Le Livre Beige fait également état de signes d’une accélération de la hausse des prix, la plupart des régions constatant une inflation modérée, après l’avoir qualifiée de modeste il y a quelques mois.
Les émissions de dette corporate débutent l’année timidement
Chaque jeudi, L’Agefi livre ses indicateurs clés de crédit pour suivre l'évolution des marchés. Cette semaine : la dette non financière.
Natixis AM n’en a pas fini avec l’affaire des fonds à formule
L’UFC-Que Choisir a assigné la société de gestion juste avant l’annonce de sa nouvelle marque, Ostrum AM, qui acte son changement de stratégie et sa dépendance à Natixis IM.
Mediobanca annonce le bouclage de l’acquisition de RAM
Mediobanca a annoncé hier la conclusion de l’acquisition de 69% du capital de RAM Active Investments (RAM AI), gérant d’actifs systématique français à vocation européenne, après avoir obtenu les autorisations nécessaires des autorités prudentielles. Comme prévu dans l’accord préliminaire signé en novembre, les associés fondateurs de RAM AI resteront impliqués dans son développement pendant au moins dix ans, tandis que le groupe REYL conservera 7,5% du capital. RAM AI sera consolidé dans les comptes de la banque italienne à compter du 1er mars 2018. «RAM AI apporte une contribution très positive aux résultats du Groupe, avec un revenu net de 57,1 millions d’euros, des avoirs sous gestion de 4,3 milliards et un bénéfice net de 19,6 millions sur une base annuelle», précise Mediobanca.
Londres persiste à vouloir inclure la finance dans un accord commercial
Selon le Chancelier de l’Echiquier, un deal punitif pour la City serait néfaste aux sociétés européennes et à leurs clients.
Stéphane Corsaletti : "Nous allons poursuivre le développement de notre plateforme de délégation de gestion"
Dans le cadre de sa participation aux Coupoles Distrib Invest 2018, Stéphane Corsaletti (photo), président d’ABN AMRO Investments Solutions, détaille la nouvelle stratégie de la société en matière d’architecture ouverte. Une stratégie reposant notamment sur le développement de sa plateforme de délégation de gestion et se concentrant sur la mise en place de fonds de mandats. Au total, la société conseille 45 milliards d’euros au travers de sa sélection de fonds classique et 15 milliards d’euros via sa plateforme de délégation de gestion.
Natixis AM objet d'une procédure en justice
L'UFC-Que Choisir a déposé une assignation en justice via une action de groupe dans le cadre de l'affaire des fonds à formule pour laquelle Natixis Asset Management avait été sanctionnée par l'AMF.
Les FCPI ont battu des records de levées de fonds en 2017
L’AFG (Association Française de la Gestion financière) et France Invest (Association des Investisseurs pour la Croissance) ont publié les résultats de l’enquête annuelle France Invest - AFG sur le niveau et la nature de la collecte réalisée en 2017 par les gestionnaires de FCPI (fonds communs de placement dans l’innovation) et de FIP (fonds d’investissement de proximité), instruments dédiés au financement des entreprises innovantes et des PME régionales.
L’Afrique du Sud enquête sur les liens entre Jacob Zuma et les frères Gupta
Une enquête a été ouverte en Afrique du Sud sur des accusations de trafic d’influence dans le cadre des relations entre l’ancien président Jacob Zuma, poussé à la démission le 14 février, et les trois frères Gupta, de puissants hommes d’affaires sud-africains d’origine indienne, a annoncé mercredi le vice-président de la Cour constitutionnelle Raymond Zondo. Une commission d’enquête, conduite par l’ancien contrôleur général Terence Nombembe, a entamé ses travaux préliminaires le 1er mars, a-t-il précisé à la télévision. A l’issue de ses travaux, cette commission pourra présenter des recommandations au parquet en vue de possibles mises en examen.
07/03/2018
Sofinnova Partners leads a round of financing for Miropep Technologies
p { margin-bottom: 0.1in; line-height: 115%; } The venture capital firm Sofinnova Partners on 6 March announced that it has led a round of flinancing for EUR4m at Micropep Technologies, a biotechnology firm which develops biological alternatives to agricultural chemical products. Sofinnova Partners becomes the largest shareholder in the firm, alongside the funds IRDInov and Toulouse Tech Transfer, a statement says. Financing from Sofinnova Partners has come from its recent fund dedicated to the ecological transition in the chemical industry, Sofinnova IB I, which, with assets of EUR125m, is now the largest fund in Europe dedicated to this new and fast-growing field, a statement says. Micropep Technologies, which is developing a new generation of non-OGM bioherbicides and biostimulants, is the third investment for the fund Sofinnova IB I, dedicated to industrial biotechnologies.
07/03/2018
Idinvest invests EUR15m in Geolid
p { margin-bottom: 0.1in; line-height: 115%; } Geolid, a digital marketing platform for SMEs, mid-sized businesses and brand networks, has announced a capital increase of EUR15m, subscribed to by Idinvest. The fundraising will allow Geolid to accelerate its commercial development serving brand networks and to continue the development of its platform. Idinvest has about EUR9bn in private equity assets under management.
07/03/2018
La Française develops in commercial real estate segment
p { margin-bottom: 0.1in; line-height: 115%; } La Française now manages over EUR2.5bn in commercial real estate throughout Europe, according to a statement released on 6 March. The asset management firm “estimates that it is making a place for itself as an expert in this segment,” where it has been developing since 2012. That year, La Française, via its asset management affiliate La Française Real Estate Managers (REM), created a department dedicated to management of commercial property in France, led by Thierry Molton, director of real estate asset management at the company. Six experts, distributed by geographical region and led by Loïc Jardin, director of commercial asset management, manage nearly EUR1.7bn in assets, representing nearly 460 properties, over 800,000 square metres, and EUR98m in rent annually. The real estate assets managed by La Française REM cover all of France, with 50% in Paris and the Paris region, and 50% in the major provincial capitals. The properties include commercial spaces on the ground floors of buildings (42%), retail centres (27%) and supermarkets (29%). The remaining 2% is invested in commercial centres. In addition to these EUR1.7bn, La Française also manages EUR800m in commercial real estate properties via its affiliates La Française Real Estate Partners, an entity dedicated to the acquisition and management of realty, particularly under mandates for institutional clients, and La Française Real Estate Partners International, an entity dedicated to managing realty properties located outside France.
07/03/2018
Nemea group opens capital to four new investors
p { margin-bottom: 0.1in; line-height: 115%; } The residential services specialist Nemea on 6 March announced that it is making changes to its capital structure, with the entry of Arkea Capital, BNP Développement, Grand Sud-Ouest Capital and Crédit Agricole Aquitaine Expansion, which jointly control about 40% of securities. This capital increase will allow Nemea to consolidate its tourism activity (60% of its earnings), and to add to its business and student branches. With 22 Appart’Etud residences in major student areas, and seven new locations opened in 2017, Nemea has set the objective of opening seven to 12 locations per year, for 44 Appart’Etud locations by 2020. Nemea will soon move and enlarge its headquarters, but will continue to be based in Mérignac, to make space for all of the personnel necessary for growth.
07/03/2018
Indosuez opens two offices and recruits in Spain
Indosuez Wealth Management has announced that it is significantly expanding its local footprint and employee base in Spain with the opening of new offices in Seville and Barcelona, bringing its number of offices in the country to six. The Group’s offices in Madrid and Valencia have bolstered their teams with hires of experienced executives and managers. Iñigo Calderón has been named Head of Central Region of Indosuez Wealth Management [Spain] and will lead the Wealth Managers team in Madrid. He previously worked at Deutsche Bank and will be joined in Madrid by Diego Rosillo, Letizia Beca, Enrique Revuelta, Andrés Francoy and Ignacio Guzmán. The newly opened office in Seville will be led by Carlos Gálvez, who joins Indosuez as Regional Director of Andalusia and Extremadura, and Juan Gómez Millán, who joins the company as Senior Wealth Manager. In Barcelona, Carlos Sensat, as new Regional Head, and Javier de Andrés as well as Jordi Solsona have joined the team, and Indosuez’s Valencia office added David Nogués as new Regional Head and Manuel Martínez.
07/03/2018
VP Bank posts CHF1.9bn in inflows in 2017
p { margin-bottom: 0.1in; line-height: 115%; } A commercial offensive deployed by VP Bank last year has borne fruit. The private bank based in Liechtenstein, which last year recruited 24 senior client advisers, last year made net inflows of CHF1.9bn, while net inflows as of the end of 2016 totalled only CHF7m, according to a statement released on 6 March. The positive impact of markets and currencies has contributed CHF2.7bn to growth in assets. As of the end of December 2017, assets under management at the private bank totalled CHF40.4bn, compared with CHF35.8bn as of the end of 2016, an increase of 13% year on year. Net profits at the group totalled CHF65.8m, up 13.4%, for operating profits up by nearly 10%, to CHF300.1m. The cost/income ratio improved by 4.2 percentage points to 64.2%. VP Bank indicates that it plans to continue its commercial drive in 2018, and is planning to recruit a total of 75 client representatives by the end of 2019. Personnel grew last year by 8.3%, and VP Bank as of the end of December had 800 full-time employees.
07/03/2018
Mapfre partners with GLL to launch real estate investment vehicle
Mapfre is set to launch a co-investment real estate vehicle to invest in prime offices in a number of Europe’s main markets. The objective is to achieve returns of between 4% and 6% annually, while at the same time diversifying the portfolio against other types of financial assets, said a press release. This move is part of the company’s strategy to gradually increase its portfolio of alternative investments.Mapfre has partnered with real estate expert GLL to invest up to 300 million euros in prime office space in the Eurozone’s key markets within two or three years. The investment focus will be large cities in Germany and France, as well as other nearby markets such as Amsterdam, Brussels, Milan and Luxembourg.The vehicle, which is open to other institutional investors from the insurance world, will be managed by GLL, which is one of the main investors in office buildings for insurance companies. The company has an asset volume of €7 billion, and a team of more than 110 professionals, with offices in 12 countries.Mapfre already has a portfolio of unique real estate properties in Spain, such as Plaza de la Independencia in Madrid, Torre Mapfre in Barcelona, and other emblematic buildings in different countries, such as Torre Mapfre , in the Paseo de la Reforma in Mexico City, and One Winthrop Square building in Boston
07/03/2018
Hermes and Jupiter reveal gender pay gap
Two British asset management firms, Hermes Investment Management and Jupiter Fund Management, have in the past few days released their “gender pay gap” report, describing the difference in pay between men and women.At Hermes, women are paid 30.2% less than men, while at Jupiter, the gap is smaller, at 25%.The two firms admit that they need to do more to reduce the gap. “We recognise that to reduce the pay gap between men and women of 30.2%, we need to increase representation of women in senior positions at the firm, including management and development,” Hermes says in its 6-page report. At Jupiter, the CEO, Maarten Slenderbroek, admits that the firm “could do better” in this area. “We don’t have enough women employed and working at top levels on our fund management teams and in sales teams, which are the main reasons for the gap in pay between men and women.”Jupiter, however, does have an equal number of male and female representatives on the board of directors.The British government is now requiring employers with over 250 employees to disclose the pay gap each year between men and women. So far, only a few asset management firms have published their report have published their report ahead of the 5 April deadline. Franklin Templeton has announced a 31.4% gap, while Standard Life and Aberdeen Asset Management have announced figures of about 31%.
07/03/2018
Chom Capital and Universal Investment close a fund to new investors
p { margin-bottom: 0.1in; line-height: 115%; } From 1 May 2018, the Chom Capital Active Return Europe UI fund, open both to institutional and to private investors, will no longer be available to new investors, Universal Investment announced in a statement on 6 March. “With this soft closing, we remain faithful to our philosophy of privileging the interests of our investors, and not giving priority to objectives such as strong growth in assets under management. Our strategy is to select a limited number of businesses for our portfolio independently of an index, on the basis of analysis of fundamentals,” says Christoph Brenner, co-founder of Chom Capital, cited in the statement.
07/03/2018
Winton launches a fund on Allfunds Bank
p { margin-bottom: 0.1in; line-height: 115%; } The British asset management firm Winton has signed a new distribution agreement with Allfunds Bank for a launch of the Winton Diversified Fund (Ucits) on the European platform. The agreement will allow Italian institutional investors to gain long-term access to the Diversified Program at Winton. The Winton Diversified Fund, launched in July 2017, tracks the multi-strategy approach of Winton, offering weekly liquidity. Winton is a systematic investment company.
07/03/2018
Schroders launches second fund eligible for Italian individiaul savings plan
p { margin-bottom: 0.1in; line-height: 115%; } Schroders has added to its range of funds eligible for the Italian individual savins plan, with the launch of Schroder ISF Multi-Asset PIR Italia, Bluerating reports. The strategy invests in primarily Italian equities and bonds. The fund is managed by the multi-asset investment team at Schroders, with Ugo Montrucchio as head of asset allocation and risk management. For the equity portion, Montrucchio will benefit from the assistance of the European equity team, and Hannah Piper, manager of the first PIR fund from Schroders, Schroder ISF Italian Equity. Anthony Earnshaw and the Advanced Bond Beta team will be responsible the Italian corporate bond allocation.
07/03/2018
Syz AM makes two funds eligible for PIR
p { margin-bottom: 0.1in; line-height: 115%; } Syz AM, the institutional asset management firm of the Syz group, has made two of its Italian equity funds eligible for the individual savings plan (piano individuale di risparmio, or PIR), Funds People Italia reports. The Oyster Italian Opportunities and Oyster Italian Value funds are managed by Alfredo Piacentini and Alessandro Pacchiani, respectively.
07/03/2018
Elliott becomes a shareholder of Telecom Italia
Elliott Advisors (UK) Limited (“Elliott”) has an interest in ordinary and saving shares of Telecom Italia. The position in ordinary shares is such that it does not exceed, as of today, the thresholds mandating disclosure under applicable Italian laws.As an investor in Telecom Italia, Elliott has spent significant time and resources in recent months analysing the company and its strategic alternatives. In Elliott’s view, Telecom Italia’s governance, valuation, strategic direction and relationships with Italian authorities would be improved by replacing certain members of the board with new, fully independent and highly qualified directors. Accordingly, Elliott is considering taking steps towards achieving that goal.Although Elliott may further increase its interest in Telecom Italia (in which event it will disclose any threshold being crossed in compliance with applicable Italian laws), it is not seeking to and will not seek control of Telecom Italia.