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17/04/2013

Assogestioni adds to executive board

P { margin-bottom: 0.08in; }A:link { } The board of directors at Assogestioni, the Italian association of asset management professionals, has appointed four members to its executive board: Sergio Albarelli, Marco Carreri, Pietro Guiliani, and Walter Ottolenghi. They join the chairman and vice-chairmen (Domenico Siniscalco, Giordano Lombardo, Mauro Micillo, Nikhil Srinivasan).
17/04/2013

Financière de l’Echiquier to launch two funds

P { margin-bottom: 0.08in; }A:link { } La Financière de l’Echiquier is planning to launch two new funds on 26 April, Citywire Global reports. They will include an emerging market equity fund, Echiquier Global Emergents, and a convertible bond fund, Echiquier Global Convertibles.
17/04/2013

Tobam launches Anti-Benchmark Canadian Equity fund

P { margin-bottom: 0.08in; }A:link { } The asset management firm TOBAM on 16 April announced the launch of the Anti-Benchmark Canadian Equity (UCITS IV) fund. The fund has received seed capital from a major institutional investor. The Anti-Benchmark Canadian Equity fund aims to maximise diversification of an investment universe represented by the S&P/TSX Composite Equity index, by applying the patented Anti-Benchmark process to eliminate geographical, sectoral and style biases which may appear in more traditional allocation methods such as weighting by cap size. The fund aims to outperform the cap-weighted S&P/TSX index by about 4-6% per year over a full market cycle, while significantly reducing volatility (about 30%). The fund reflects the Anti-Benchmark Canadian Equity strategy managed by TOBAM since April 2011 for a US institutional client. Since its creation at the end of March 2013, the Anti-Benchmark Canadian Equity strategy has posted returns of +13%, outperforming the index (-5.6%) by nearly 10% on annual terms. In the same period, the strategy has reduced volatility by 33%. Characteristics Name: TOBAM Anti-Benchmark Canadian Equity Fund Legal format: UCITS IV Benchmark index: S&P/TSX Composite Total Return Index ISIN code: FR0011452945 Management fee: 1.00%
17/04/2013

European creditors to Lehman will be fully reimbursed

P { margin-bottom: 0.08in; }A:link { } European creditors to Lehman Brothers are expected to recuperate the entirety of their investments, PricewaterhouseCoopers, the consulting firm responsible for liquidating the assets of the defunct bank in Europe, has announced, Les Echos reports. This victory was far from assured, and has only been won through long legal battles by investors. Overall, the bank is expected to reimburse about USD23bn to European investors. The reimbursement procedures will be complex to enact, which explains their length. So far, less than half of the total has been reimbursed: a first payment of USD11bn was made in November, to 1,500 lenders. A further payment of about USD4.5bn will take place this month. The 110,000 retail investors who held funds at the bank have also been fully reimbursed, for a total of USD92bn.
17/04/2013

IOSCO consults on principles for financial benchmarks

The International Organization of Securities Commissions (IOSCO) published on April 16 a consultation paper on Principles for Financial Benchmarks, which seeks public comments on a set of high-level principles for benchmarks used in global financial markets.Because of the wide diversity of benchmarks, IOSCO also is asking for public comment on a subset of more detailed principles for benchmarks having specific risks arising from their reliance on submissions and/or their ownership structure.“The Principles proposed today extend the existing work conducted on LIBOR and other reference rates to a wider set of benchmarks. This is a key step in strengthening confidence and integrity of financial markets,” Martin Wheatley, the chief executive of the UK Financial Conduct Authority (UK FCA), said.The closing date for responses is Thursday 16 May 2013.
17/04/2013

Deka sells a property to Midi 2i

P { margin-bottom: 0.08in; } The German asset management firm Deka Immobilien has announced that it has sold the Woodparc office buliding (12,700 square metres) to Midi 2i, an affiliate of the BPCE banking group. The property had been in the portfolio of a Deka institutional real estate fund. It is located in south-western Toulouse, and is almost entirely leased to EDF.
17/04/2013

ProShares replaces an MSCI Index with a FTSE index for two funds

P { margin-bottom: 0.08in; } ProShares has decided from 17 April to change the MSCI benchmark index for two of its leveraged ETFs, the ProShares Ultra MSCI Europe ETF (NYSE Arca ticker: UPV) and its inverse counterpart, ProShares UltraShort MSCI Europe ETF (EPV), to the FTSE Developed Europe Index, Index Universe reports.The funds will retain their double long (UPV) and short (EPV) leverage, as well as their TER rates of 0.95%. The tickers should also remain unchanged.
17/04/2013

Assets under management up at GAM in first quarter

P { margin-bottom: 0.08in; }A:link { } Assets under management at GAM in first quarter 2013 were up 2% compared with the end of 2012, to CHF119.0bn, according to a statement releaed on 17 April. Despite “solid” gross inflows, the wealth management firm has seen a net outflow. The closure of a mandate by a major client and redemptions from Private Labelling Partners (PLF) at Swiss & Global Asset Management led to a net outflow for the first three months of the year, GAM adds, without stating the amount. Compared with the end of March 2012, assets under management are up 8%.
17/04/2013

AIFM: French regulator encourages asset managers to submit license applications

P { margin-bottom: 0.08in; }A:link { } The French market regulator, the Autorité des marchés financiers (AMF), is encouraging asset management firms which have already complied with all requirements of the alternative investment fund managers (AIFM) directive, to submit their license applications under the AIFM directive “as soon as possible,” so that the first licenses can be issued by 22 July 2013, when the bill comes into effect. The call comes with a guide to assist existing asset management firms, published on Tuesday. The document is intended to assist asset management firms anticipating the transposition of the AIFM directive, and gives very concrete replies to any questions they may have. The AMF is also making available a dedicated email address, at aifm@amf-france.org. Lastly, in the next few weeks, it will publish a guide to the relevant funds under the AIFM directive. The guide can be found here: http://www.amf-france.org/documents/general/10799_1.pdf
17/04/2013

Bestinver has EUR6.5bn in assets

P { margin-bottom: 0.08in; }A:link { } Funds People reports that at the 12th annual investor conference at Bestinver, the Spanish asset management firm announced that it has reached EUR6.5bn in assets, largely in nine funds, five of which are equity and two diversified funds.For the moment, the value asset management firm is far from its upper capacity limits, the star manager Francisco García Paramés says. However, Bestinver did not post net subscriptions in 2012, in a sign that retail investors are not being attracted back to equities.
17/04/2013

BoA-ML survey: enthusiasm of institutional investors is weakening

Global investors are «moderating their earlier exuberance» in the face of somewhat lower conviction over global growth, though they remain positive towards equity markets overall, according to the BofA Merrill Lynch Fund Manager Survey (752 managers with USD725bn in AUM) for April. A net 49 percent of respondents now, vs 61% in March, expect the global economy to strengthen in the next 12 months. And lower confidence in eurozone growth is reflected in global investors’ move to a net 8 percent underweight. Investors’ more cautious stance is reflected in their increased cash holdings. These are now at the highest level reported by the survey in six months (4.3 percent, vs 3.8% in March).Appetite for exposure to the U.S. dollar remains at the highest level in the survey’s history while appetite for the JPY is now at its lowest since February 2002.
17/04/2013

CalPERS aims for a 100% coverage rate

P { margin-bottom: 0.08in; }A:link { } The California Public Employees’ Retirement System (CalPERS) Pension & Health Benefits Committee on April 16 approved new actuarial policies that are aimed at returning the System to fully-funded status within 30 years. The full CalPERS Board will vote on the policies on Wednesday. The report showed that most CalPERS plans are now between 65 and 80 percent funded. The desired goal is 100 percent funding, in which assets on hand are equal to the desired level of assets needed to pay pension benefits. Using current smoothing methods, progress toward 100 percent funded status is very slow for many plans. Despite significant gains in the investment portfolio, liabilities continue to grow faster than assets. In addition to reaching full funding in 30 years, the new method will also help avoid large increases in employer contribution rates in extreme years, while maintaining a reasonable level of change in normal years. However, employer contributions will rise by nearly 50 percent in the short-term as the plan is implemented. To mitigate the initial rate increases, the Committee voted to delay implementation for all employers including State and schools until Fiscal Year 2015-16.
17/04/2013

SWIP manager leaves for Jupiter

P { margin-bottom: 0.08in; }A:link { } Jamues Clunie, a British equity manager at Scottish Widows Investment Partnership, will be joining Jupiter Asset Management, Investment Week reports. He will help the firm to develop its total return and long/short equity product ranges.
17/04/2013

La France annonce un nouveau tour de vis budgétaire

La France prévoit un effort budgétaire de près de 20 milliards d’euros en 2014, après celui de près de 40 milliards en 2013, concentré cette fois principalement sur les dépenses et espère par ce tour de vis convaincre la Commission européenne de son sérieux. Selon le «programme de stabilité» 2013-2017 présenté mercredi en conseil des ministres et qui sera soumis à la Commission d’ici la fin du mois, l’effort portera à environ 14 milliards d’euros sur les dépenses l’an prochain, tandis que les prélèvements obligatoires augmenteraient d’environ 6 milliards. Le déficit public, qui a atteint 4,8% du PIB l’an dernier (au lieu de 4,5% prévu), serait ramené à 3,7% fin 2013, 2,9% fin 2014, 2,0% fin 2015, 1,2% fin 2016 et 0,7% fin 2017. L'équilibre structurel, qui gomme les effets de la conjoncture économique, serait quant à lui atteint dès 2016, avec un solde positif de 0,2%, qui passerait à 0,5% fin 2017. La dette publique augmenterait à 93,6% du PIB fin 2013 (après 90,2% fin 2012) pour culminer à 94,3% en 2014 et décroître à 93,0% en 2015, 90,8% en 2016 et 88,2% en 2017.
Photo: PHB
17/04/2013

Les clients privés de JPMorgan privilégient les actions

La banque privée de JPMorgan vient de publier les résultats d’une étude menée au premier trimestre auprès de 1.000 clients privés de la catégorie «ultra high net worth» dans 8 pays d’Europe (Grande-Bretagne, France, Italie, Suisse, Allemagne, Espagne, Irlande, Grèce). Interrogés sur le fait de savoir quelle classe d’actifs va selon eux afficher les meilleures performances dans les douze prochains mois, ils sont 60% à citer les actions, et seulement 3% les produits de taux.
17/04/2013

L'inflation recule légèrement en zone euro

Le taux d’inflation annuel a légèrement diminué en mars selon les chiffres définitifs d’Eurostat, à 1,7%, contre 1,8% en février, en raison de l’orientation à la baisse du prix de l'énergie. Sur un mois, l’inflation a progressé de 1,2%. De son côté, l’inflation britannique a atteint en mars son plus haut niveau depuis mai 2012, à 2,8%, a annoncé hier l’Office national de la statistique.
17/04/2013

Les mises en chantier américaines au plus haut depuis 2008

Selon le département du Commerce, les mises en chantier ont augmenté de 7% au rythme annuel de 1.036.000 unités, alors que le consensus était de 930.000, et après un chiffre révisé à la hausse à 968.000 en février. Il s’agit de leur plus haut niveau depuis 2008, mais le nombre de permis de construire a diminué le mois dernier contrairement aux attentes.
17/04/2013

Le fonds d'incubation Emergence investit dans Keyquant

Emergence et NewAlpha Asset Management, gérant délégataire du Compartiment «Emergence - Performance Absolue», viennent de signer un troisième partenariat d’incubation avec la société Keyquant, qui permet à cette jeune société de gestion basée à Paris de lancer un fonds Ucits et d’atteindre un encours global de 100 millions d’euros. Emergence investit 30 millions dans le fonds Keytrends Ucits.
17/04/2013

Forte baisse de l'indice ZEW allemand en avril

L’indice ZEW, qui mesure le sentiment des investisseurs en Allemagne, a chuté en avril à 36,3 contre contre 48,5 en mars, nettement en-deçà des attentes des économistes qui tablaient en moyenne sur 42. La composante des conditions actuelles a également baissé, s’inscrivant à 9,2 après 13,6 en mars et contre 12 attendu par les économistes.
17/04/2013

L’AMF ouvre son guichet de pré-agrément AIFM

L’Autorité des marchés financiers a indiqué ouvrir son guichet de pré-agrément AIFM. L’AMF publie à cette occasion un guide d’accompagnement à l’attention des sociétés de gestion existantes afin de les aider à anticiper la transposition de la directive sur les gestionnaires de fonds alternatif.
17/04/2013

Bercy écarte une loi de validation des emprunts toxiques

A l’issue d’une réunion rassemblant hier les représentants des élus concernés par les emprunts toxiques, Bercy a écarté l’hypothèse d’une loi de validation des emprunts toxiques susceptible d’exclure toute possibilité pour les collectivités locales de remettre en cause les termes de leur contrat, a déclaré à l’AFP un élu responsable de ces questions. L’Etat ne reviendrait ainsi pas sur la brèche ouverte par la décision du TGI de Nanterre en février.
17/04/2013

BlackRock affiche des résultats solides

Le premier gestionnaire d’actifs au monde a dégagé un bénéfice net trimestriel en hausse de 10% sur un an, à 632 millions de dollars. Ce résultat se traduit par un bénéfice ajusté par action de 3,65 dollars, contre 3,58 dollars anticipé par le consensus. De quoi distribuer à ses actionnaires 250 millions de dollars sous forme de rachat d’actions et relever son dividende de 12% à 1,68 dollars par action.
17/04/2013

Bloomberg attaque la CFTC

Le fournisseur de données a porté plainte contre le régulateur américain des dérivés afin de faire annuler une nouvelle règle visant le trading sur le marché des «swaps» qui pénaliserait son activité. Le CFTC souhaite en effet que les intervenants fassent des appels de marge suffisants pour compenser une perte totale sur la transaction, le délai de débouclage de positions étant de cinq jours.
17/04/2013

Le Japon et la Russie envisagent un fonds d’investissement commun

Les gouvernements des deux pays envisagent de constituer une fonds commun d’un milliard de dollars qui aura pour but d’encourager les sociétés japonaises à réaliser des investissements directs en Russie, indique le journal qui ne cite pas ses sources. Les secteurs de la médecine, de l’agriculture, du développement urbain et des projets énergétiques sont notamment ciblés.
17/04/2013

L'Europe saborde son marché du CO2

En refusant de voter un retrait temporaire de quotas de carbone sur 2013-2015, le Parlement européen a ouvert hier la voie à une chute des prix vers zéro.

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