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06/11/2013

Londres donne plus de pouvoir aux actionnaires minoritaires

La Financial Conduct Authority britannique a annoncé hier de nouvelles règles sur le listing pour protéger les investisseurs minoritaires. Celles-ci donnent notamment un droit de veto aux administrateurs indépendants sur les transactions entre la société cotée et son actionnaire de contrôle, et soumet la nomination de ces indépendants au vote en AG des seuls minoritaires.
06/11/2013

La Chine veut rassurer sur la transformation de son économie

Les ajustements économiques structurels actuellement à l’œuvre en Chine, qui visent notamment à accroître l’emploi et les revenus disponibles, vont stimuler l’évolution des pays émergents et seront en définitive favorables au développement durable pour l’économie mondiale, rapporte l’organe de presse du Parti Communiste Chinois sans citer de source.
06/11/2013

Chypre en désaccord avec la Troïka sur les cessions d’actifs

Chypre est en désaccord avec la Troïka (FMI, BCE, Commission européenne) sur le calendrier de privatisation des entreprises publiques du secteur portuaire, électrique et des télécoms, rapporte l’agence grecque sans citer de source. La Troïka demande au gouvernement chypriote d’accélérer le processus alors que ce dernier souhaite attendre les conclusions d’un rapport commandé au cabinet d’audit PwC.
06/11/2013

L’allemand Universal s'allie à Daiwa sur les actions nippones

Daiwa SB Investments a l’intention de diffuser ses stratégies actions japonaises en Europe en s’appuyant sur le fonds allemand Universal-Investment, rapporte le site financier. Ce partenariat s’est traduit le 4 novembre par le lancement conjoint du Japan Equity Fundamental Active Fund, qui devrait obtenir un agrément de commercialisation en Allemagne et au Royaume-Uni sous deux semaines.
06/11/2013

La Commission touche au but sur l'Euribor

La Commission européenne pourrait infliger dès le mois prochain des amendes pour manipulation du taux interbancaire, notamment au Crédit Agricole et à la Société Générale, dans le cadre d’accords négociés. Elles pourraient atteindre plusieurs centaines de millions d’euros.
06/11/2013

Accélération de la croissance des services aux Etats-Unis

La croissance du secteur des services a, contre toute attente, retrouvé des couleurs le mois dernier aux Etats-Unis, les entreprises ayant multiplié les embauches malgré la fermeture partielle des services fédéraux intervenue pendant la première quinzaine d’octobre, a annoncé l’Institute for Supply Management (ISM). Son indice est ainsi ressorti à 55,4 contre 54,4 en septembre et un niveau de 54 qui avait été anticipé en moyenne par les économistes.
06/11/2013

Le Sénat rejette la réforme des retraites

Le Sénat a rejeté hier à l’unanimité le projet de loi de réforme des retraites, la majorité refusant de voter un texte complètement modifié par l’opposition et le Front de gauche au regard de la version adoptée à l’Assemblée nationale. Cette dernière, qui a constitutionnellement le dernier mot, devrait procéder à la lecture définitive de la réforme fin novembre-début décembre.
06/11/2013
Gestion d'actifs

La CRPN investit dans des fonds d'infrastructures dites matures

Olivier Grolleau, responsable de la gestion diversifiée à la CRPN, à la rédaction de www.institinvest.com : Nous investissons dans des fonds d’infrastructures dites matures (« brownfield ») en Europe, plus précisément dans le secteur des transports (péages, tunnels, ports, aéroports, etc.) et de l'énergie (stockage et transport). L’offre sous forme de FCPR étant très réduite, nous travaillons aujourd’hui uniquement avec Antin Infrastructure Partners et Macquarie. Nous investissons également dans les énergies renouvelables en privilégiant les entreprises dont l’activité contribue à l’amélioration de l’efficacité énergétique. Par exemple, nous avons en portefeuille un fonds possédant une société qui développe une technologie permettant d’orienter les panneaux solaires en fonction de la course du soleil dans la journée et ainsi d’améliorer leur rendement.
Gestion d'actifs
05/11/2013

L'AFT précise son programme d'adjudication de janvier 2014

«Au vu du calendrier 2014, l’adjudication de titres à long terme aura lieu le jeudi 9 janvier 2014 et les adjudications de titres à moyen terme et indexés aura lieu le jeudi 23 janvier 2014», indique l’Agence France Trésor dans un communiqué. L’AFT communiquera le 20 décembre 2013 les détails du programme indicatif de financement de l’État pour l’an prochain.
05/11/2013

Accélération de la croissance des services aux Etats-Unis

La croissance du secteur des services a, contre toute attente, retrouvé des couleurs le mois dernier aux Etats-Unis, les entreprises ayant multiplié les embauches malgré la fermeture partielle des services fédéraux intervenue pendant la première quinzaine d’octobre, a annoncé l’Institute for Supply Management (ISM). Son indice est ainsi ressorti à 55,4 contre 54,4 en septembre et un niveau de 54 qui avait été anticipé en moyenne par les économistes.
05/11/2013

Monaco va adhérer à la convention fiscale de l'OCDE

La principauté va adhérer «dès que possible» à la Convention multilatérale d’assistance administrative mutuelle de l’OCDE pour lutter contre la fraude et l'évasion fiscale. Une lettre d’intention a été remise mardi par José Badia, conseiller du gouvernement monégasque pour les relations extérieures de Monaco, à Pascal Saint-Amans, directeur du centre de politique et d’administration fiscales de l’OCDE.
05/11/2013

Pimco loses largest fund title to Vanguard

The Pimco Total Return Fund, managed by Bill Gross, has lost its title as the largest fund in the world to the Total Stock Market Index Fund from Vangard, the Financial Times reports. This is a sign of the disaffection of investors with bonds in favour of equities. The Vanguard fund now has assets of USD250bn, while the Pimco flagship fund has seen its assets fall to USD248bn as of the end of October, following further redemptions.
05/11/2013

Assogestioni selects Russell Reynolds as advisor for governance

The Corporate governance committee at Assogestioni, the Italian association of asset managers, has proposed the headhunter Russell Reynolds Associates as the new advisor for the next season of general shareholders’ meetings. The association relies on an external provider to select the candidates to be on the election or nomination lists for board members and other bodies at publicly-traded businesses.
05/11/2013

Axa IM plans to grow service to third-party clients

Axa Investment Management would like to develop its activities with third-party clients clients, Joseph Pinto, global head of markets and investment strategy, stated before the weekend at a weekly press conference. Pinto did not quantify the objectives of the firm, as the developments planned will depend on the geographical situation and the structure of the markets considered. Currently, captive assets under management represent 67% of total assets, compared with 33% for external clients, of which 19% are for institutional investor clients. In Europe, Axa IM is targeting a market share of about 2% in the United Kingdom. Currently, its retail market share has slightly over 2%, but its institutional market share is lower than 0.5%. In Asia, although activities are having difficulty getting started in India, joint ventures in Korea and China are functioning very satisfactorily. Inflows to joint ventures with Kyobo in Korea and Shanghai Pudong development Bank in China have totalled nearly EUR1bn since the beginning of the year, distributed equally between the two firms, Pinto states.
05/11/2013

Trusteam Finance takes control of Alcyone Finance

Trusteam Finance has announced that it took over Alcyone Finance on Monday, 4 November, along with its asset management and wealth engineering activities. The operation will make it possible to “strengthen the range of house financial products and services, meet the increased needs for performance and the needs of clients for wealth management, institutional management and corporate cash management,” a statement says. In practice, the mutual fund management and wealth engineering activities provided by Alcyone Finance will soon be moved to Trusteam Finance. Assets under managemment total about EUR50m, largely invested in equity funds. In an interview with Newsmanagers, Jean-Sebastien Beslay, founding partner of Trusteam Finance, pointed to the complementarity of management at the two firms, due to the expertise in SRI at Alcyone Finance. The firm has two funds of this nature on sale, and has also signed a partnership with the Care association.
05/11/2013

Former EdRIM employee to co-manage Tocqueville Dividende

Tocqueville Finance has hired Michel Saugné to take over as fund manager of the Tocqueville Dividende fund. He will co-manage the fund with Don Fitzgerald. Since 2004, Saugné had worked at LCF Rothschild, where, after serving as senior manager and a member of the investment board at Edmond de Rothschild Multi Management, and then as head of the alternative multi-management activity, was since 2011 co-head of the direct alternative management activity at LCF Rothschild, at Edmond de Rothschild Investment Managers. Saugné will assist with development and innovation in products and management, Tocqueville Finance says.
05/11/2013

JPMorgan succumbs to pressure on fees

JPMorgan Asset Management will respond to pressure from investors concerning its fees, by lowering performance fees for its funds, Financial Times fund management reports. The US-based asset management firm is planning to “smooth out” its performance fees over three years, according to Mike O’Brien, global head of institutionals at JPMorgan Asset Management. This will make the funds less costly, with the periods of poor performance taken into account.
05/11/2013

Launch of first offshore RQFII ETF in New York

DBX Advisors, which is owned by Deutsche Asset & Wealth Management (DeAWM), as well as Harvest Global Investment, the Hong Kong-based firm in which DeAWM controls 30% is this week in New York expected to launch the first offshore ETF under RQFII mandates (RMB qualified foreign institutional investor), Asian Investor reports. According to a Hong Kong manager, this would be a less costly means to access the European market, since creating a London office is too expensive. According to various sources, the db x-trackers Harvest China Fund, which replicates the CSI 300 index, may be listed on the New York Stock Exchange on 6 November.
05/11/2013

SRI fund market rises

The European socially responsible fund sector has reached assets of EUR108bn as of the end of June 2013, a gain of 14% year on year, according to the report “Green, Social and Ethical Funds in Europe,” of which Plus24 has obtained a copy. The study takes into account 922 funds, compared with 884 the previous year. In geographical terms, France remains the largest market for SRI retail funds, but its share has fallen to 7%, with EUR38bn. The United Kingdom comes next (EUR10.5bn), followed by the Netherlands and Switzerland (EUR10bn). Italy, with its 12 SRI funds, represents EUR2.3bn, 2% more than in 2012.
05/11/2013

Robeco unveils momentum fund

Willem Jillema, manager of the Luxembourg-based Robeco Momentum Equities I Eur fund, has announced that for the product, launchd on 22 August 2012 (with assets limited to EUR3.5m), it is using a new quantitative model to select equities with positive momentum, while controlling risks by limiting transactions, although this creates some slight added volatility. The objective for the fund, which has received a sales license for Germany, is to profit from the market momentum anomaly and the factoral premium associated with it.Since the launch of the fund, cumulative performance as of 30 September totals 14.73%, or 344 basis points more than the MSCI World Index (net return), but the fund, whose currency of reference is the euro, has no benchmark currency.Currently, the largest positions in the portfolio are Johnson & Johnson, Roche Holding, Gilead Science, ISIS Pharmaceuticals, Bayer and Dürr.CharacteristicsName: Robeco Momentum Equities I EURISIN code: LU0803250884Front-end fee: maximum 0.5%Total expense ratio: 0.94%
05/11/2013

Green light in Germany for Axa IM's SmartBeta Equity

BaFin has awarded a sales license for Germany to the Global SmartBeta Equity sub-fund of the Luxembourg Sicav Axa WF, an equity fund managed by Rosenberg. The fund, aimed at institutionals (I shares) and large institutionals (ZI shares) aims to benefit over the long term “in a diversified, effective and inexpensive manner” from rising equity markets. The objective is to generate outperformance of 100 to 200 basis points over a complete cycle with a volatility 80% of that of the market. The management team will work to avoid speculative bubbles and to limit losses in declining periods (see Newsmanagers of 26 February 2013).Axa IM states that it has about EUR3.1bn in assets under management in smart beta strategies in including EUR1.2bn in bonds and EUR1.9bn in equities.The characteristics of the fund are available as a pdf attachment.
05/11/2013

Firm based in Alaska launches three funds in Europe

McKinley Capital, an asset management firm based in Alaska, is launching three funds in Europe and the United Kingdom. The three products, in UCITS format, are all growth equity funds. The first is an emerging market fund, the second a dividend fund, and the third is a global fund.
05/11/2013

SAC Capital pays USD1.8bn fine

SAC Capital Advisors, the hedge fund run by Steven Cohen, has pleaded guilty to insider trading and agreed to pay a fine of USD1.8bn, the Financial Times reports. Investigators are continuing to investigate transactions by the founder of SAC Capital, however, which suggests that uncertainty still surrounds him. The hedge fund has agreed to stop its activities for third parties. The fine includes USD1.2bn to settle criminal charges and USD616m to settle civil accusations. It becomes the largest fine ever paid for fraud.
05/11/2013

UBP replaces PM of US growth equities mandate

Union Bancaire Privée has awarded Geneva Capital Management, a firm based in Milwaukee, a US growth equities mandate, Citywire reports. The midcaps firm replaces Calmos Investment, which had managed UBAM Calamos US Equity Growth since December 2003. The fund will now be renamed as UBAM – GCM Midcap US Equity Growth.

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