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14/01/2013

UMR asked to stay in France

Union Mutualiste Retraite (EUR10.2bn in assets) has suspended plans to launch a cross-border fund in Belgium, after receiving a letter from the French insurance and mutual control authority (Autorité de Contrôle des Assurances et des Mutuelles) “advising” that it retains its activities in France, IPE.com reports, citing sources familiar with the matter. UMR sought to transfer its second pillar activities to Belgium last summer, with the creation of OFP (organisation for financing pension), while keeping its third pillar in France. The institution had hoped to strucure the vehicle as a hybrid retirement plan with initial capital of EUR4.5bn.
14/01/2013

IOSCO launches consultation on benchmark indices

The International Organization of Securities Commissions (IOSCO) published on January 11 a Consultation Report on Financial Benchmarks, which seeks comments from the public on policy issues arising from the work of its Board Level Task Force on Financial Market Benchmarks.The Consultation Report discusses concerns regarding the potential inaccuracy or manipulation of benchmarks and identifies benchmark-related policy issues across securities and derivatives and other financial sectors. Comments on the Consultation Paper are sought by 11 February 2013.
14/01/2013

2012 inflows to long-term funds expected to total over EUR200bn

Sales of long-term funds across Europe (i.e. excluding money market funds) have now reached EUR191.2bn over the year to the end of November, suggesting that full-year figures of over EUR200bn in net sales seems more than likely, according to Lipper’s latest Fund Flash.Net sales reached EUR22.3bn in November alone.Bond funds were flavour of the month once more, with inflows of EUR20.7bn, bringing the year’s net sales of funds in this asset class alone to EUR204.3bn.It seems just as likely that cross-border funds will also reach the EUR200bn mark, having so far attracted EUR187.2bn in 2012, says Lipper. Cross-border funds now make up 43% of the European funds industry’s assets under management.Finally, five groups attracted net sales of more than EUR1bn in November: PIMCO (EUR3.2bn), AXA (EUR2.1bn), Standard Life (EUR1.2bn), Aberdeen (EUR1.1bn) and Nordea (EUR1bn).EUR10bn looks to be the target for groups wanting to be in the top five best sellers in the full-year figures.
14/01/2013

ESMA and EBA unveil proposals for strengthened Euribor

The European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA) have on January 11 published the results of their joint work on Euribor and propose principles for benchmark rate-setting processes.The publications include a review of Euribor’s administration and management and clear recommendations to the Euribor-European Banking Federation (EEBF) to improve the governance and transparency of the rate-setting process; formal EBA Recommendations to national authorities on the supervisory oversight of banks participating in the Euribor panel; and a joint ESMA-EBA consultation on Principles for Benchmark Setting Processes in the EU which establish a framework for the conduct of benchmark rate-setting and the activities of participants in the process.ESMA and the EBA have made a number of recommendations aimed at addressing the current weaknesses and insufficiencies in the Euribor rate-setting process. The Steering Committee should hold more regular meetings and publish its minutes promptly. The references for Euribor should focus on maturities with the highest usage and volume of underlying transactions. Rates should be scaled down from the current 15 (1-3 weeks and 1-12 months) to no more than 7 (1 and 2 weeks, 1, 3, 6, 9 and 12 months). ESMA and the EBA will review the implementation of these recommendations by EEBF within six months. The deadline for submission of responses to this consultation is 15 February 2013.
14/01/2013

Performance of pension funds tops 6% in 2012

Swiss pension funds saw a spike in their returns last year. Their average returns were 6.3%, following a 0% year in 2011, the Swiss association of retirement planning associations (ASIP) announced on 11 January. The evaluation of average returns for pension funds is based on asset allocations by participants as of 30 June 2012, extrapolated to the end of December 2012. For the second half of 2012, returns totalled 2.7%. This return shows that the financial situation for pension funds will improve slightly in the short term. However, a statement from the association warns, “this positive development should not create any illusions: complex interactions between various factors, such as the legal retirement age, the minimal required conversion rate, and returns earned in the short term, do not function completely independently of one another. At many pension funds, evaluation of pension liabilities is based on a relatively high technical interest rate – 3.5% – which necessitates a high return objective.” Equities performed better than bonds thanks to sustained pressure on interest rates. In first quarter, the proportion of Swiss equities as a part of investments was about 10% on average, while foreign equities were nearly 21%. In the past twelve years, since the first publication of comparison of results by the ASIP, median annual returns are 1.3%. This value is well below the necessary returns, and is below the minimal interest rate prescibed for this period, the association points out.
14/01/2013

Piguet Galland to develop private banking operation

The Piguet Galland & Cie private bank is recruiting for its management with the arrival of Alexandre Prautzsch from Lombard Odier from 1 January, Agefi Switzerland reports.He will take responsibility for all private management activities, which he will work to build up as part of the bank’s onshore strategy. In this role, he will become a member of the board of directors. In his new role, Prautszch will develop the private banking product range from Piguet Galland & Cie, to create a wider range which will incorporate wealth management resources, retirement planning solutions, and a tax-efficient management approach.
14/01/2013

Former PGGM team launches own SRI firm

The team which had managed the socially responsible equity portfolio for the Netherlands-based pension fund PGGM will this Monday found its own firm, Ownership Capital, which aims to provide “a new way to invest,” Financial Times Fund Management reports. The entity will have eight members, and will be led by Alex van der Velden, founder and former CEO of FairPensions. Ownership Capital claims to be the first asset management firm to unite a range of emerging trends in the asset management sector, FTfm reports.
14/01/2013

Clay AM opens up to collective management

Clay Asset Management, which was founded in October 2011 by Cyril Bergé, Ludovic de Polignac and Bruno Parizet, and which had up to EUR125m in assets under management via management mandates, is opening up to collective management.The asset management firm is launching two funds: Clay New Horizons, which invests in emerging market equities, and Clay Multi Assets, which is an asset allocation fund.
14/01/2013

Record profits for Wells Fargo in 2012

For the year to 31 December, Wells Fargo has posted record net profits, up 19% over the previous year, at USD18.9bn, compared with USD15.87bn in 2011.Net profits for the wealth management/brokerage/retirement unit totalled USD1.328bn, compared with USD1.288bn the previous year.Assets in wealth management rose 3% last year, to USD204bn.
14/01/2013

Assets up at Franklin, AllianceBernstein and Invesco

As of the end of December, assets under management by Franklin Templeton, AllianceBernstein and Invesco were up by USD20.9bn compared with 30 November.The strongest increase in assets (USD13bn, to USD781.8bn), is signed once again by Franklin Templeton, while AllianceBernstein has posted a gain of USD4bn (to USD430bn), and Invesco has reported an increase of USD3.9bn, to USD687.7bn. However, Legg Mason has posted a decline in its assets to USD647.9bn, from USD648.3bn at the end of November.
14/01/2013

"Nous devrions nous imposer comme un acteur de référence de la gestion multi-actifs sur le marché français"

Michael Sfez, qui a lancé au printemps dernier une société de gestion de portefeuille à Paris, Russell Investments France, présente pour Newsmanagers un premier bilan de ses activités. Avec des encours de 400 millions d'euros en moins d'un an, la nouvelle entité est partie du bon pied et Michael Sfez entend bien s'imposer dans le paysage hexagonal comme un acteur de tout premier plan dans les prochaines années
14/01/2013

Rome mandate cinq banques pour une nouvelle émission BTP à 15 ans

Le Trésor italien a annoncé avoir mandaté cinq banques pour procéder à l'émission d’une nouvelle d’obligation BTP à 15 ans, qui arrivera à échéance le 1er septembre 2028. Les cinq banques sont Banca IMI, Barclays Bank, Crédit Agricole, Goldman Sachs et JPMorgan Securities. L'émission sera lancée prochainement, en fonction des conditions de marché, a précisé le Trésor.
14/01/2013

Industries & Finances réalise un premier closing pour son troisième fonds

Industries & Finances Partenaires annonce le premier closing de son nouveau fonds, à hauteur de 60 millions d’euros. Ce premier tour de table, réalisé moins de 6 mois après le lancement d’Industrie & Finance Investissements 3, est abondé à hauteur de 85% par des investisseurs déjà présents dans le fonds précédent. Environ la moitié des sommes levées proviennent d’investisseurs internationaux. Parmi les principaux souscripteurs du fonds, se trouvent notamment CDC Entreprises, CNP Assurances et Idinvest dans le cadre de leurs actions au titre du programme FSI France Investissement ainsi que Malakoff-Médéric, Akina, et un Family Office belge.
14/01/2013

Un nouveau fonds dédié à la distribution outre-Manche

Analyste du secteur bien connu dans la City, Matt Truman doit annoncer aujourd’hui le lancement de True Capital. Ce fonds doit privilégier l’investissement dans des sociétés, cotées ou non, capables de briller dans des niches de marché. Les distributeurs en ligne ou le luxe notamment seront scrutés. Matt Truman ne manque déjà pas d’idées d’investissement.
14/01/2013

La volatilité au plus bas depuis 2007

Les indices CBOE Volatility Index (VIX) et CVIX qui mesurent respectivement la volatilité sur les marchés d’actions et des changes sont retombés à leur plus bas niveaux depuis la mi-juin 2007. Le discours rassurant de la BCE depuis septembre a renforcé la confiance.
14/01/2013

L'Italie fait le plein sur les marchés

Le Trésor italien a émis vendredi pour 5 milliards d’euros d’obligations dont 3,5 milliards d’euros à échéance 2015 à moins de 2%. Les taux italiens à 10 ans reculent à environ 4,11%. L’appétit des investisseurs pour les pays de la périphérie de la zone euro se renforce.

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