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24/06/2013

Schroders reste à l’affût

La société de gestion britannique poursuit ses développements internationaux après le rachat de Cazenove. Schroders «veut grossir et le fait savoir», selon le quotidien. «Nous disposons de 580 millions de livres sterling de trésorerie», clame ainsi son vice-président exécutif Massimo Tosato. Pour grandir, Schroders se tourne vers l’Asie et les Etats-Unis du fait d’un marché timide en Europe.
24/06/2013

Les banques privées en mal de rentabilité

En Europe, un gestionnaire de fortune sur six était déficitaire l’an dernier, selon l'étude annuelle de McKinsey. Certains acteurs vont logiquement disparaître ou se consolider, même si l’attrait pour le métier rend les pertes supportables pour certains groupes pluridisciplinaires.
24/06/2013
Gestion d'actifs

Covéa souhaite faire passer la part d'immobilier dans ses actifs de 6 % à 9 ou 10 %

Les placements (immobilier, valeurs mobilières, titres mis en équivalence) représentent 75,7 Mds€ à fin 2012 contre 72,6 Mds€ en 2011. Le contexte de baisse des taux obligataires, de hausse du CAC 40 et de résistance du marché immobilier a permis un accroissement significatif de 5 milliards d’euros des plus-values latentes du groupe. Ces dernières s'élèvent au 31 décembre 2012 à 9,3 Mds€ (4,3 Mds€ pour 2011). Le portefeuille de placements se compose pour l’essentiel d’obligations (77%) et d’actions à hauteur de 15% « depuis le retour de Covéa sur le marché actions début 2009 », rappelle Sophie Beuvaden, directrice générale chargée des finances. Le groupe a cédé les 300 millions d’euros qu’il possédait en emprunts d’Etat espagnol et a par ailleurs réduit son exposition à l’Irlande et au Portugal. Sophie Beuvaden indique en revanche que Covéa s’est positionné sur l’Italie au regard de son amélioration macroéconomique, notamment par rapport à la France. Covéa ne s’intéresse pas aux prêts aux entreprises et aux infrastructures. La directrice générale chargée des finances précise que le groupe a pour habitude d’investir seulement dans les actifs qu’il est en capacité d’analyser lui-même, ce qui n’est pas le cas avec ce type de portefeuilles, ajoute-t-elle. Si Covéa souhaite faire passer la part d’immobilier dans ses actifs de 6% à 9 ou 10%, la prudence reste cependant de mise. La Sgam a notamment refusé l’offre d’une banque portant sur un portefeuille d’environ 200 millions d’euros. Les banques hésitent à accompagner un financement immobilier au-delà de 5 ans, explique Sophie Beuvaden.
Gestion d'actifs
21/06/2013

La collecte du Livret A ralentit fortement

Le Livret A et le Livret de développement durable (LDD) ont drainé 430 millions d’euros en mai, une collecte en net retrait par rapport aux mois précédents, a fait savoir vendredi la Caisse des dépôts (CDC). Au total, les sommes déposées sur ces deux produits d'épargne défiscalisés atteignent depuis le début de l’année 21,09 milliards d’euros. L’encours total sur les deux livrets est ainsi de 363,7 milliards d’euros à fin mai 2013. La collecte nette du Livret A et du LDD avait été de 4,6 milliards d’euros en avril. Dans la matinée, dans sa revue des banques françaises, Standard & Poor’s indique avoir identifié le Livret A comme un sujet pénalisant mais encore gérable pour les banques françaises. Désormais, dans un contexte durable de taux bas et de croissance quasi-nulle, l’agence accorde en effet plus de poids aux contraintes de l'épargne réglementée.
Photo : Fotolia
21/06/2013

Les taux à 10 ans américains tapent les 2,50%

Les rendements des emprunts d’Etat américains à 10 ans ont dépassé vendredi le seuil symbolique des 2,50%, dans le sillage des tensions qui ont suivi l’annonce d’un probable ralentissement des rachats d’actifs de la Fed. L’obligataire européen suit aussi le mouvement, mais dans de bien plus faibles proportions qu’hier, avec des hausses de 4 à 6 pb pour les taux italiens, allemands ou français. Seul le rendement des Gilts se tend nettement, de 12 pb à 2,41%. Les indices actions européens, eux, ont poursuivi leur correction, tandis que les Bourses américaines ouvraient en baisse, mais sans atteindre l’ampleur du plongeon du 20 juin.
21/06/2013

War on tax fraud: five holdouts in the European Union

P { margin-bottom: 0.08in; } The European Union on Thursday, 20 June sent a letter to Belgium, Greece, Finland (province of Åland), Italy and Poland, requiring them that they notify the Union of the transposition into national law of a directive concerning administrative co-operation. The directive concerning administrative co-operation aims to increase transparency, exchange of information and bring closer cross-border co-operation, and to introduce fundamental resources to combat fax fraud.Member states were legally required to begin to apply the directive from 1 January 2013, but the five countries in question have not informed the Commission of the transposition of the directive into their national laws.In the absence of a satisfactory response within a two-month period, the Commission may bring the five member states before the European Court of Justice, a statement says.
21/06/2013

Private equity: “zombie” funds have USD116bn in assets

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } According to the consulting firm Preqin, “USD116bn (EUR88bn) in private equity assets are stuck in funds beyond their normal investment period,” Agefi reports. In these so-called “zombie” funds, the manager is holding assets beyond the expected investment period, and is not planning to make other investments or raise more funds, while continuing to collect management commissions from investors. These vehicles are also characterised by mediocre performance.Preqin states that the secondary market may offer a way out, on the condition of accepting cut prices. It allows managers to unload investments in funds and provides liquidity to investors. The invested capital from these zombie funds accounts for 1,732 stakes in businesses.
21/06/2013

Bond assets sell off shakes ETFs

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } The bond market sell-off has caused several ETFs to fall below the value of their underlying assets, the Financial Times reports. Emerging market ETFs have been hardest hit. For example, the price of a share in the iShares MSCI Emerging Markets Index was trading at 6.5% below the value of its underlying assets. The falling markets have also led to problems in the “plumbing” behind several ETFs, the FT notes. Citigroup has ceased to accept orders to redeem underlying assets from ETF issuers, after a trading desk reached its allocated risk limit.
21/06/2013

Mitsubishi UFJ acquires Butterfield Fulcrum

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } For an undisclosed total, the Japanese Mitsubishi UFJ Trust and Banking Corporation (MUTB) has acquired the hedge fund administrator Butterfield Fulcrum. The US firm will become the global administrative platform for alternative assets at MUTB. All management and personnel from Butterfield Fulcrum will remain at the business.Currently, Butterfield Fulcrum, which has 325 employees, administers 830 funds with total assets of over USD100bn.
21/06/2013

Covéa: Life insurance activities show decline in 2012

P { margin-bottom: 0.08in; } Covéa, which is unveiling its financial results for the year 2012, has reported a net profit for the part of the group of EUR628m, up 23.9% compared with the previous fiscal year (EUR507m). Its earnings are up 2.8%, to EUR14.676bn, of which EUR4.349bn are for life insurance activities. Compared with 2011, this figure is down 3.6%, as gross inflows to individual life insurance at Covéa was EUR3.4bn, down 19.2% compared with 2011. However, net inflows to the Group remain positive.
21/06/2013

US pension fund turns to passive management

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } Montgomery County, beleaguered by expenses and the recent performance of its pension fund, has decided to transfer virtually all of the assets in its USD470m fund into a tracker fund managed by Vanguard Group, the Wall Street Journal reports. The county is following the advice of John C. “JacK” Bogle, the founder of Vanguard, and patron of tracker funds. The transfer will allow the fund to reduce its investment costs by about two thirds: 0.13% of its assets, compared with 0.43% previously.
21/06/2013

BofA might lose Wal-Mart mandate

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } Bank of America (BofA) may be relieved of its duties managing the 401 (k) pension plan for the retail giant Wal-Mart, Reuters reports. Wells Fargo is well-placed to take over for it.The fund has USD15.6bn in assets. It is the largest fund in the private sector in North America.
21/06/2013

Assets under management at Montage Investments top USD16bn

P { margin-bottom: 0.08in; } Assets under management at boutiques affiliated with the Montage Investments group in May topped USD16bn. Assets increased by more than USd3bn in the space of five months, after gains of USD4bn in 2012. Several asset management firms among the boutiques of the Montage Investments network have posted excellent performance in the past few months, including Nuance Investments, Convergence Investment Partners and Tortoise Capital Advisors.
21/06/2013

Fees destroy returns of pension programmes

P { margin-bottom: 0.08in; } The performance of pension programmes are generally subject to a very significant erosion, which is nonetheless not due to turbulence on the markets. The commissions applied by intermediaries are the number one factor causing the destruction of performance in these programmes, according to a study published on 20 June by the European federation of users of financial services, EuroFinuse.The study confirms, extends and deepens research by the OECD published last year, which found that there were negative real returns on average for pension funds. EuroFinuse extended the research to include France, which the OECD had not covered, and attempted to identify the main factors causing the destruction of value for pension programmes.In addition to fees, which are not clearly specified by pension plan holders, financial repression and taxation are other primary drivers of the destruction of value.The report further warns that simple retirement vehicles should be designed to protect the long-term buying power of the savings investor. Special prudential regulations should be put in place for all long-term pension products, to encourage investment in long-term assets such as equities, through tax breaks.
21/06/2013

British banks still running a deficit in tier 1 capital

P { margin-bottom: 0.08in; } Five major British banks as of the end of 2012 still had tier 1 equity needs of GBP27.1bn, or over EUR31bn, in order to reach a ratio of 7% of hard owners’ equity, the Bank of England (BoE) announced on 20 June, revising its initial estimate made in March this year upward by about GBP25bn. The five major banks are Barclays, Co-operative Bank, Lloyds Banking Group, Nationwide and RBS, the BoE says in a statement. At a time when banks have rolled out initiatives to strengthen their owners’ equity by GBP13.7bn, four of them (Barclays, Co-op, Lloyds Banking Group and RBS) will need to implement additional measures totalling GBP13.4bn to reach this level. The measures, which will include “sales and restructuring,” will mostly need to be initiated by the end of 2013, but some may begin in the first half of 2014. The eight largest banks in the country participated in the BoE survey, however, HSBC, Standard Chartered and Santander UK did not need to increase their owners’ equity as they were already above the 7% threshold.
21/06/2013

Indian Karvy Capital launches its first hedge fund

P { margin-bottom: 0.08in; } The Indian asset management firm Karvy Capital, which is owned by the financial services provider Karvy Group, has launched its first hedge fund, The Economic Times reports. The systematic fund deploys an absolute return multi-strategy which aims to earn returns in all market configurations.
21/06/2013

Martin Smith remplace Tracy Fennell chez F&C

Investment Week rapporte que F&C a confirmé jeudi le depart à fin juillet de Tracy Fennell, qui quittera ses fonctions de head of marketing ainsi que le groupe à fin juillet. Son remplaçant sera Martin Smith, actuellement head of product management.
21/06/2013

Appointments at Sarasin & Partners

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } John Soler, who has been serving key British and international accounts at Merrill Lynch Portfolio Managers, is joining Sarasin & Partners as senior associate partner to serve the same type of clients.Natasha Landell-Mills will replace Adam Frost as head of ESG research. She joins from USS Investment Management.
21/06/2013

Aberdeen AM shares take a hit on the stock market

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } Aberdeen Asset Management on Thursday lost 7.9% of its trading value on the FSE 100 to 370.8p per share following disappointing figures for emerging market funds, which last week posted record redemption demands. The Financial Times reports that more than two thirds of the Aberdeen AM range consists of emerging market or Asia-Pacific funds. In a recent note, Goldman Sachs expresses concerns about Aberdeen AM’s dependence on these markets.

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