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09/09/2013

US investors pile into European equities

US investors have pumped more money into European equities than at any time since 1977, according to the Financial Times, which says that it is a big vote of confidence for the region. Pension funds and other big US groups invested USD65bn in European stocks in the first six months of 2013, the highest in 36 years over that time period, according to research by Goldman Sachs.
09/09/2013

Bank of Italy sanctions Amundi

The Bank of Italy has fined Amundi Sgr Spa EUR50,000, Bluerating reports. The surveillance authority noted an irregularity involving deficiencies in organisation and controls at the firm in the area of combatting money laundering.
09/09/2013

Azimut buys 50% of a Brazilian asset management firm

The Brazilian asset management firm Azimut will acquire a 50% stake in Legan Administração de Recursos, a Brazilian boutique which had the equivalent of EUR141m in assets under management as of 31 August, via AZ International Holdings. This will allow the Italian firm, which is already present in many countries, to enter Brazil. A joint venture will be created. Concretely AZ International Holdings will acquire a 50% stake in the holding company which controls all capital in Legan, through a purchase of shares from the founding partners for EUR3m, and through subscrption to a capital increase of EUR2.5m. Legan, founded in 2008 by 5 partners, now has 14 employees. It manages the Legan Low Vol, a low-volatility arbitrage fund invested in various financial instruments including fixed income, derivatives and government bonds, with an objective of exceeding the CDI, the Brazilian interst rate, and the Legan Special, an arbitrage fund which invests in various financial instrument, and which pursues a long/short directional equity strategy.
09/09/2013

Threadneedle adds to institutional unit in Asia

Mark Chan, vice president for Greater China at JPMorgan Asset Management Asia, after serving as relationship manager at Allianz Global Invstors in Hong Kong, has been recruited by Threadneedle Investments as director, institutional, North Asia. He will be based in Hong Kong and will be a member of the Asia-Pacific team led by Raymundo Yu.Chan will cooperate closely with June Wong, vice-chairman of Asia-Pacific and CEO Hong Kong, to develop a strategic plan at Threadneedle for the region. He will aim in particular to develop relations with institutional investors in mainland China, Hong Kong, Taiwan and South Korea.
09/09/2013

Steep fall in inflows to UCITS funds in second quarter

UCITS recorded net inflows of only EUR 12 billion in the second quarter of 2013, down from the record net inflows of EUR 132 billion recorded in the first quarter of the year, according to the latest statistical release of the European Fund and Asset Management Association (Efama).This drop can be attributable to a large increase in net outflows from money market funds and a reduction in net inflows into long-term funds, as investors’ expectations of increased interest rates rise.Long-term UCITS, i.e. UCITS excluding money market funds, continued to register strong net inflows (EUR 65 billion), albeit down from EUR 134 billion in the previous quarter. Money market funds recorded a large rise in net outflows to EUR 53 billion in the second quarter, up from EUR 2 billion recorded in the previous quarter. Equity funds experienced a turnaround in net flows to register outflows of EUR 8 billion, compared to net inflows in the first quarter of EU 44 billion. Bond funds attracted net inflows of EUR 30 billion during the quarter, down from EUR 44 billion. Balanced funds registered another quarter of strong net sales (EUR 28 billion), albeit down from EUR 36 billion in previous quarter.Combined assets of UCITS and non-UCITS decreased 1.7 percent in the second quarter to stand at EUR 9,232 billion at end June 2013. Nevertheless, since end 2012 total net assets of UCITS and non-UCITS have increased 3.2 percent.Overall in the first half of 2013, UCITS recorded net inflows of EUR 144 billion, driven by net sales of bond funds (EUR 74 billion), balanced funds (EUR 64 billion) and equity funds (EUR 36 billion).
09/09/2013

Neuflize OBC plans to merge two asset management firms

The two asset management firms from the private bank Neuflize OBC are expected to be only one firm by the end of the year, Agefi has learned from multiple sources. Once agreed by the AMF and its social partners, Neuflize Private Assets will be absorbed into Neuflize OBC Investissements. All asset management activities and a maximum of employees will be retained, says Philippe Vayssettes, chairman of the board at Neuflize OBC, who is seeking to significantly reduce the cost/income ratio (77% as of the end of 2012).The group does not want to initiate a social plan, but will take advantage of natural departures. The range would be reduced from about 50 funds to 30, preferring performance to critical size. Lastly, sales teams would be grouped at the bank and would sell all products from the firm, including credit, insurance and advising, to all institutional clients.
09/09/2013

Crédit Agricole and Société Générale would part company amicably

Crédit Agricole and Société Générale banking groups are contemplating to put an end to their joint ventures in the brokerage and asset management industries, after five years of cooperation, les Echos reports, citing Journal du dimanche.The financial side of the deal would involve Crédit Agricole selling to its partner its 50% stake in their joint brokerage operation Newedge, while Société Générale could sell 10 % of its 25% stake in their Amundi asset management affiliate to Crédit Agricole. Crédit Agricole and Société Générale refused to comment
09/09/2013

Departure of head of emerging market debt at Invesco

Claudia Calich has left Invesco, where she had been head of the Invesco emerging market debt unit, for personal reasons, Citywire Global reports. To succeed her, the firm has promoted two of its managers; Eric Lindenbaum and Jack Deino.
09/09/2013

Pine River launches fund dedicated to China

The alternative asset management firm Pine River Capital Management is expected to launch a fund dedicated to China in October, with initial capital of USD150bn, according to a document obtained by Bloomberg. Last year, the Pine River Fixed Income FuND earned returns of 35%, largely due to exposure to mortgage bonds. Since 1st August 2011, assets under management by Pine River have more than doubled, to a total of USD13.6bn.
09/09/2013

Sandrine Toulouse to join OFI

Newsmanagers understands that OFI Asset Management will soon announce the acquisition of a stake in the Parisian third-party marketing (TPM) firm Aloha Finance, as OFI AM is planning to accelerate its development in France and internationally. The primary objective for OFI will be to reposition the internally-managed product range and its external product range. This new acquisition will allow OFI AM to reconcile and improve the two product ranges, and to consolidate its Luxembourg platform, in order to accelerate its international development. The acquisition of Aloha Finance would also be an occasion for OFI AM to add to its management team. Sandrine Toulouse, founder of Aloha Finance and former head of the Paris office of BlackRock, should become head of development, in which position she will report to Gérard Bourret, CEO, and Jean-Marie Mercadal, deputy CEO reponsible for asset management. Gilbert Nguyen, associate partner of Aloha Finance, should also be appointed as head of distribution at OFI AM for France and abroad.
09/09/2013

La Banque de France relève sa prévision de croissance

La Banque de France a relevé lundi sa prévision de croissance de l'économie française au troisième trimestre à 0,2%. L’enquête mensuelle de l’institution pour le mois d’août fait par ailleurs apparaître des hausses de deux points des indicateurs du climat des affaires dans l’industrie (97) et dans les services (93). Si ces indicateurs restent inférieurs à leur moyenne de long terme (100), un niveau qu’ils n’ont pas atteint depuis mai 2011 pour l’industrie et juin 2011 pour les services, les chiffres d’août sont les meilleurs enregistrés depuis septembre 2011 pour l’industrie et mai 2012 pour les services. Cette embellie intervient après la publication de plusieurs indicateurs positifs pour l'économie française, dont l’annonce d’une croissance de 0,5% du PIB au deuxième trimestre par l’Insee.
La Banque de France a relevé lundi sa prévision de croissance de l'économie française au troisième trimestre à 0,2%. Photo: PHB
09/09/2013

Fidelity fait progresser ses encours en France

A fin août 2013, le bureau français de Fidelity enregistre des encours sous gestion pour le compte de ses clients de plus de 5,5 milliards d’euros, contre 4,5 milliards à fin 2012. «Cette croissance des encours est due à un environnement plus porteur sur les marchés, mais également à une tendance très positive et régulière de collecte auprès des clients français», signale la société de gestion, qui a anoncé par ailleurs deux recrutements de commerciaux, Isabelle Foy (ex-Montpensier Finance) et Vincent Chabriel (ex-Edram).
09/09/2013

Benoît Coeuré va présider le CPSS

Benoît Coeuré, membre du comité exécutif de la Banque centrale européenne, a été élu lundi président du Comité des système de paiements et de règlement-livraison (CPSS, Committee on Payment and Settlement Systems). Il remplace Paul Tucker pour un mandat de trois ans.
09/09/2013

L'AFT adjuge 1,5 milliard de dette supplémentaire

L’Agence France Trésor annonce qu’elle a servi, lundi, 1,51 milliard d’euros de soumissions non compétitives à l’issue de son adjudication d’OAT du 5 septembre. Le montant total des OAT émis dans le cadre de cette opération s'élève à 9,895 milliards d’euros. Ce volume se répartit en 2,537 milliards d’OAT 3,25% 2021, 5,208 milliards d’OAT 1,75% 2023 et 2,15 milliards d’OAT 3,25% 2045.
09/09/2013
Gestion d'actifs

Monceau Assurances reste acheteur d'actions et d'immobilier

Monceau Assurances est plus positif sur les actions. « Nous avons renforcé nos investissements dans les actions européennes en début d’année, indique à la rédaction de www.institinvest.com, le patron de l’institution, Gilles Dupin (lire son portrait). Nous sommes entrés sur quelques nouveaux fonds. En revanche, nous continuons de sous-pondérer les actions américaines ». Au total, Monceau Assurances a en portefeuille une trentaine de fonds (ouverts ou dédiés) sur les actions et les convertibles. L’institution a notamment investi dans deux fonds spécialisés dans le domaine de la Santé, BSO Bio Santé (Banque Saint Olive) et Trecento Global Healthcare (Trecento AM), à hauteur de 4 millions d’euros environ dans chaque cas. Par ailleurs, Monceau Assurances reste acheteur dans l’immobilier en ciblant en priorité Paris. L’institution qui avait déjà effectué plusieurs acquisitions en 2012, a acheté cette année un immeuble de bureaux dans la capitale, situé rue de Mogador. Elle a également acquis un nouvel immeuble (en construction) à Villeneuve d’Ascq dans une ZAC très attractive. Retrouver la fiche Monceau Assurances dans le Guide
Gestion d'actifs
09/09/2013

L’AMF prolonge la consultation sur sa stratégie

Faute de réponses assez nombreuses, le régulateur a prolongé d’une semaine, jusqu’au 13 septembre, la consultation sur les grandes orientations de sa stratégie, bâtie autour de trois axes: s’investir pour des marchés européens sûrs et transparents, rétablir la confiance des épargnants, et agir pour le financement de l’économie.
09/09/2013

Neiman Marcus pourrait changer de mains

Reuters rapporte de sources proches que le distributeur américain détenu par TPG Capital, Warburg Pincus et Leonard Green Partners pourrait renoncer à son introduction en Bourse au profit d’une vente au bénéfice d’un consortium composé d’Ares Management et du Canada Pension Plan Investment Board. La transaction pourrait valoriser Neiman Marcus à environ 6 milliards de dollars.
09/09/2013

Neuflize va fusionner ses gestions

Neuflize OBC Investissements absorbera sa petite sœur Neuflize Private Assets d’ici à la fin de l’année, a appris L’Agefi. L’ensemble gère 30 milliards d’euros.

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