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02/01/2014

Londres présente un plan d'actions en cinq volets

Dans les colonnes du Times daté de mercredi, le Premier ministre britannique David Cameron assure que 2014 sera l’année du renouveau pour la Grande-Bretagne. Le gouvernement a un plan d’actions en cinq volets pour assurer la reprise, affirme-t-il. Cet effort passera notamment par la réduction du déficit, la création d’emplois grâce au soutien aux entreprises, ou encore la limitation des prestations sociales.
02/01/2014

La croissance singapourienne conforme aux attentes

Le produit intérieur brut de Singapour a progressé de 3,7% en 2013, a indiqué mardi le Premier ministre Lee Hsien Loong en réaffirmant l’objectif gouvernemental d’une croissance comprise entre 2,0 et 4,0% en 2014. Ce chiffre est conforme à la prévision de 3,5 à 4,0% annoncée en novembre. En 2012, la ville-Etat avait enregistré une croissance de 1,3%.
31/12/2013
Fonds

GLG Partners AM lance un fonds actions monde

GLG Partners Asset Management a récemment lancé le fonds GLG Global Equity Alternative DN H GBP (ISIN IE00BD616P42). Le portefeuille est principalement investi en actions, dans le monde entier. La stratégie de gestion appliquée est le market neutral long/only, précise fondscheck.de.Le fonds est couvert contre le risque de change. Les frais de souscription s'élèvent à 5 %, l’investissement minimum est de 1.000 livres.
Fonds
31/12/2013

Philipp Waldstein Wartenberg prend la direction de MEAG Kapitalanlagegesellschaft

La filiale de gestion de Munich Re et Ergo, MEAG Munich ERGO Kapitalanlagegesellschaft mbH a annoncé le 30 décembre la nomination de Philipp Waldstein Wartenberg au poste de directeur général de la société à compter du 1er janvier 2014.Philipp Waldstein avait déjà pris la direction de MEAG Munich ERGO Asset Management GmbH le 1er janvier 2013. Les actifs sous gestion de MEAG s'élèvent actuellement à environ 228 milliards d’euros.
31/12/2013

Berkshire Hathaway acquiert une filiale de Phillips 66

La holding de Warren Buffett, Berkshire Hathaway, va racheter une division de la société de raffinage Phillips 66 pour environ 1,4 milliard de dollars, selon un communiqué publié le 30 décembre par les deux sociétés. La transaction devrait être bouclée au premier semestre 2014 et porte sur la filiale Phillips Specialty Products (PSPI), spécialisée dans les produits améliorant la circulation des hydrocarbures dans les oléoducs.Berkshire Hathaway indique dans le communiqué qu’elle paiera la transaction avec des actions de Phillips 66 qu’elle détient actuellement dans son portefeuille. Elle ne donne pas de montant précis, disant que le nombre final d’actions dépendra de leur cours lors du bouclage de l’opération. Dans un document transmis séparément à la Securities and Exchange Commission (SEC), Phillips 66 escompte pour sa part qu’il récupèrera environ 19 millions de ses propres actions suite à l’opération, ce qui, au cours de clôture de lundi soir (74,72 dollars), représenterait un peu plus de 1,4 milliard de dollars.
31/12/2013

Wells Fargo settles lawsuit with Fannie Mae

The US bank Wells Fargo will pay USD541m to the semi-public mortgage refinancing operation Fannie Mae, to settle legal actions related to real estate credit, the two firms announced on 30 December. The credit concerned was issued by Wells Fargo before 1 January 2009 and subsequently resold to Fannie Mae, which claimed that it had been misled about the value of the value of the assets and the associated risk. Wells Fargo says in a statement that with some adjustments related to other credit repurchases, the agreement will cost him a total of USD591m. The bank, the largest provider of real estate credit in the United States, says that it has adequate provisions to cover this expense.
31/12/2013

Activist hedge funds want to be able to pay bonuses to administrators

In North America, activist hedge funds are campaigning to retain their right to pay bonuses to directors they have placed on boards of directors, the Financial Times reports. This offensive by hedge funds comes at a time when 33 US groups have modified their bylaws to exclude directors who receive payment from entities outside the business, with the hopes of dissuading activist investors such as Carl Icahn, Bill Ackman and Daniel Loeb. The initiative by these US businesses has led to an outcry on the part of institutional shareholders, who do not necessarily share the point of view of activists, but who wish to retain the right to select directors themselves.
31/12/2013

Hedge fund Higgs Capital closes its doors

According to Agefi, the USD250m hedge fund specialised in commodities is lowering the curtain after only 18 months in existence, due to a “lack of stability of capital.” The fund had earned returns of 7.5% since its inception.
31/12/2013

Philipp Waldstein Wartenberg takes over at MEAG Kapitalanlagegesellschaft

The asset management affiliate of Munich Re and Ergo, MEAG Munich ERGO Kapitalanlegegesellschaft mbH on 30 December announced the appointment of Philipp Waldstein Wartenberg to the position of CEO of the firm, from 1 January 2014. Waldstein had previously become director of MEAG Munich ERGO Asset Management GmbH on 1 January 2013. Assets under management at MEAG currently total about EUR228bn.
31/12/2013

GLG Partners AM launches a global equity fund

GLG Partners Asset Management has recently launched the GLG Global Equity Alternative DN H GBP (ISIN IE00BD616P42). The portfolio is primarily invested in equities worldwide. The management strategy applied is market neutral long only, fondscheck.de says. The fund is hedged against currency risks. Subscription fees total 5%.
31/12/2013

US investors in distressed debt take aim for Europe

Europe may be facing strong growth in restructuring operations in the form of LBOs, at a time when banks are tending to unload their riskier loans to investors specialised in distressed debt, the Financial Times reports. Several US firms, such as Apollo Management and Oaktree, have raised funds and added to their European teams in the wake of the financial crisis. However, hitherto banks have not allowed themselves to suffer losses on depreciated loans. Many of them have now added to their owners’ equity and may accelerate the sales of their dubious loans, according to private equity experts.
31/12/2013

Sales dominated the private equity market in 2013

Sales completed on the European private equity market totaled EUR73.9bn in 2013, according to the most recent study published by the Centre for Management Buyout Research (CMBOR), Equistone Partners Europe and Ernst & Young. This has been the highest total in 6 years, excepting 2011 (EUR83.1bn). Investments totalled EUR50.3bn in 2013, down 7% compared with the previous year. The United Kingdom has returned to its leading place on the European buyout market, followed by Germany. With EUR6.9bn in investment in 2013, France is down 57% compared with 2011, when it was top in volume and value. The value of initial public offerings from the private equity market totalled EUR25bn, a record total related to the return of investor confidence in the good health of the markets. There were 20 IPOs in 2013, compared with only one in 2012.
31/12/2013

Henderson GI launches an unconstrained bond fund

Henderson Global Investors has announced the launch of the Henderson Unconstrained Bond Fund, a mutual fund which offers US investors a dynamic approach investing in fixed income. The agnostic strategy, developed in continental Europe and the United Kingdom for several years, permits flexible investment according to the environment in all bond sectors.
31/12/2013

Berkshire Hathaway acquires an affiliate of Phillips 66

The holding company of Warren Buffett, Berkshire Hathaway, will acquire a division of the defining company Phillips 66 for about USD1.4bn, according to a statement released on 30 December by the two firms. The transaction is expected to be completed in first half 2014, and will include the affiliate Phillips Specialty Products (PSPI), a speicalist in products to improve the circulation of hydrocarbons in oil pipelines. Berkshire Hathaway indicates in a statement that it will pay for the transaction with shares in Philips 66 which it currently holds in its portfolio. It does not give a precise sum, stating that the final number of shares will depend on their price at the conclusion of the operation. In a document sent separately to the Securities and Exchange Commission (SEC), Philips 66, for its part, states that it will recover about 19 million of its own shares following the operation, which, at the closing price on Monday night (USd74.72), represented slightly over USD1.4bn.
31/12/2013

Assets in mutual funds total record levels in November

In the United States, assets in mutual funds reached a record total of USD10.8trn in November, according to statistics from Cerulli published in the December issue of the Cerulli Edge – U.S. Monthly Product Trends. Net inflows in November totalled USD14.6bn, down slightly compared with subscriptions in October, which totalled USD17.8bn. Cerulli has found that ETF assets alone since last year rose 8.8%, to a total of nearly USD1.7trn as of the end of November. Net inflows to ETFs remained positive in November for the third consecutive month, with a total of USD71.9bn since the month of August. In 2014, products on sale by managers will take into account changes in investor preferences, with plans to make concentrated launches on two major bond strategies, unconstrained bond funds for 23%, and loan funds for 20%.
31/12/2013

Gold could post its steepest annual drop in 30 years

Gold may finish the year with losses not seen in 30 years, Fundweb reports. On 20 December this year, gold was at USD1,187.13 per ounce, near its lowest levels since June 2013. Improved economic outlooks and the announced end of the quantitative easing programme by the Federal Reserve are the source of this growing disaffection with gold. Before the weekend, gold was up again to USD1,219.28 per ounce, but since the beginning of the year, it is down 28%. In other words, this year it may post its steepest drop since 1981.
31/12/2013

Ethical investments may disappear in five to ten years

According to Melchior de Murault, managing partner at the Geneva-based firm Pury Pictet Turrettini, a pioneer in socially responsible investment, ethical investments may disappear in five to ten years. The major actors in the industry are reported to have integrated criteria related to the environment, society and governance (ESG) into their processes, the banker says in an interview with the news agency ATS carried by Agefi Switzerland. “Like the Trojan horse, the area of socially responsible investment (SRI) will provoke professionals in traditional investment and the two sectors to converge.” “It ill be an enormous victory,” says de Murault. Is the emergence of a sustainable global economy possible? Yes, says the citizen of Geneva. “It is no longer possible to earn money by crushing a part of the planet. To the contrary, it will return to the foreground.” A growing number of “citizen” businesses are appearing.
31/12/2013

Regulator warns against investment in graphene

Financial regulatory authorities in the United Kingdom are warning consumers against “dubious” companies which offer investment in graphene. The FCA on Monday will publish a statement in which it warns that particularly insistent salespeople are turning to retail clients to offer them dubious investments. The regulator emphasizes that there is currently no regulated market for the precious metal.
31/12/2013

Le dossier des emprunts toxiques se complique

Le gouvernement a promis de revoir sa copie dans les plus brefs délais alors que le conseil constitutionnel a retoqué sa loi de validation. Insérée dans le budget, elle devait permettre à Dexia et à la Société de financement local (Sfil) de se prémunir contre les contentieux ouverts par les collectivités locales aux prises avec des emprunts toxiques.
31/12/2013

Le fonds alternatif Higgs Capital ferme ses portes

Le fonds alternatif de 250 millions de dollars spécialisé dans les matières premières baisse le rideau après dix-huit mois seulement d’existence en raison d’un «manque de stabilité du capital». Le fonds a dégagé un rendement de 7,5% depuis sa mise en place. Le maintenir ouvert aurait nécessité une «réduction importante des dépenses ainsi qu’une restructuration», a expliqué son co-fondateur Jean Bourlot, un ancien d’UBS.
31/12/2013

Le président chinois va personnellement piloter les réformes

A en croire l’agence officielle Chine Nouvelle, le président chinois Xi Jinping va présider lui-même un groupe chargé de piloter un ambitieux programme de réformes économiques et sociales. Les observateurs s’attendaient à ce que ce groupe soit mené par le Premier ministre, Li Keqiang ou le chef du PCC de Shanghai, Han Zheng.
31/12/2013

Timide reprise des promesses de vente aux Etats-Unis

L’Association nationale des agents immobiliers (NAR) a fait savoir lundi que son indice des promesses de ventes dans l’ancien, calculé sur la base des contrats signés le mois dernier, était remonté de 0,2% à 101,7, l’indice d’octobre ayant été révisé en baisse à 101,5 au lieu de 102,1 - soit un recul de 1,2%, deux fois plus important qu’initialement annoncé. Il s’agit de la première hausse de l’indice depuis six mois.
31/12/2013

Gary Gensler juge la régulation «équilibrée»

Le président sortant de la Commodity Futures Trading Commission, Gary Gensler, estime que le travail accompli par les régulateurs sur la loi Dodd-Frank a permis d'équilibrer de manière adéquate la quête du profit de Wall Street et le besoin du public d’un système financier plus stable. Certaines dispositions de la règle Volcker sont actuellement contestées par des acteurs bancaires, ce qui devrait pousser les régulateurs à plus de clarté.
31/12/2013

La dette des collectivités locales chinoises inquiète

Un audit officiel publié lundi révèle que la dette des collectivités locales chinoises atteignait 17.900 milliards de yuans (2.100 milliards d’euros environ) fin juin, un montant supérieur à certaines estimations indépendantes et qui plaide en faveur de nouvelles réformes des finances publiques. En prenant en compte ce chiffre, la dette publique de la Chine représente environ 58% du PIB.
31/12/2013

Les exportations allemandes attendues à un niveau record en 2014

D’après la fédération patronale BGA, les exportations allemandes devraient augmenter de 3% en 2014 pour atteindre un montant total sans précédent de 1.142 milliards d’euros, grâce à la reprise de l'économie mondiale. L’excédent commercial allemand devrait donc encore progresser, à 224 milliards d’euros, car la hausse des importations ne devrait pas dépasser 1%, à 918 milliards d’euros, ajoute l’organisation.

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