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03/08/2012

Inscriptions au chômage en baisse aux Etats-Unis

Les inscriptions au chômage ont augmenté moins que prévu aux Etats-Unis lors de la semaine au 28 juillet, à 365.000 contre 357.000 (révisé) la semaine précédente, a annoncé hier le département du Travail. Les économistes attendaient en moyenne 370.000 inscriptions au chômage.
03/08/2012

La Chine réduit ses commissions d’entrée sur les actions

Les autorités chinoises, cherchant à stopper les 14% de baisse enregistrés par le marché actions depuis son plus haut de l’année du 2 mars, ont annoncé qu’elles réduisaient les commissions sur le trading des actions de 20% dès le 1er septembre prochain.
03/08/2012

MGIC Investment en chute libre

L’action de l’assureur hypothécaire américain a chuté hier de 55% pour tomber à 1,10 dollar à la Bourse New-York, sa plus grosse chute en une séance, après avoir annoncé une perte nette de 273,9 millions de dollars au deuxième trimestre. «Il semble inévitable que la société finisse par une forme de mise en liquidation réglementaire», estime CreditSights.
03/08/2012

Baisse des commandes industrielles aux Etats-Unis

Les nouvelles commandes à l’industrie aux Etats-Unis ont baissé de 0,5% au mois de juin, contre une hausse de 0,5% anticipée par le consensus Reuters, selon les chiffres publiés jeudi par le département du Commerce. Les commandes à l’industrie pour le mois de mai ont également été révisées en baisse, à +0,5% contre une progression de 0,7% annoncée précédemment.
03/08/2012

Forte décollecte pour AllianceBernstein

Le gestionnaire d’actifs américain contrôlé par Axa a accusé une décollecte nette de 2,8 milliards de dollars au deuxième trimestre, son pire trimestre depuis début 2008. Ses actifs sous gestion ont chuté de 12% sur un an à 407 milliards, ses revenus de 12% à 642 millions et son résultat opérationnel de 32% à 79 millions.
03/08/2012

La BCE prend le risque d'attendre

La BCE se prépare à acheter de la dette sur le marché secondaire, mais seulement lorsque les fonds d'urgence seront activés
Mario Draghi, le président de la BCE - Photo : Eric Tschaen - REA
02/08/2012

Mario Draghi confirme que des rachats de dettes souveraines sont à l'ordre du jour

Le conseil des gouverneurs pourrait décider de prendre des mesures de politique monétaire non conventionnelles, a déclaré le président de la BCE ce jeudi, lors de la conférence de presse qui s'est tenue à l'issue de la réunion du conseil de politique monétaire. Les Etats membres sont invités à se tenir prêts à à activer les fonds d'urgence.
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02/08/2012

La BCE laisse inchangé son principal taux

Elle a décidé de maintenir son principal taux d'intérêt inchangé à un point bas record de 0,75% ce jeudi, et attendra de voir si l'inflation et l'économie de la zone euro continuent de ralentir avant toute nouvelle baisse du loyer de l'argent.
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02/08/2012

Arca Sgr reprend une partie de BPVI Fondi

La société de gestion italienne Arca va reprendre deux branches d’activités de la filiale de gestion de Banca Popolare di Vicenza, BPVi Fondi. Il s’agit de 14 fonds et de portefeuilles institutionnels, représentant un total de 1,3 milliard d’euros.Il s’agit de la troisième acquisition de la part d’Arca ces derniers mois, souligne le site italien spécialisé Bluerating.
02/08/2012
Fonds

Intech IM lance une stratégie Eurozone Low Volatility

Intech Investment Management, une société du groupe Janus, vient de lancer la stratégie Eurozone Low Volatility. Elle permet aux investisseurs de générer des rendements légèrement supérieurs à ceux du marché, tout en offrant une volatilité maîtrisée, semblable à celle des indices pondérés par taille de capitalisation, indique un communiqué. Ce nouveau produit est libellé en euros et son indice de référence est le MSCI EMU."Ce produit, comme les autres fonds de la gamme Absolute Volatility, s’appuie sur la volatilité des cours des actions et sur la corrélation entre les valeurs, pour rechercher, sur le long-terme, de la surperformance par rapport à un indice pondéré par capitalisation, avec un risque inférieur», explique David Schofield, président de la division internationale d’Intech.
Fonds
02/08/2012

Le groupe Safra détient plus de la moitié du capital de Banque Sarasin

La Banque Sarasin & Cie a annoncé que la vente de la participation majoritaire que Rabobank détenait dans Banque Sarasin & Cie SA au Groupe Safra a été exécutée le 31 juillet 2012. Suite au closing, indique un communiqué, Safra détient maintenant 50,15% du capital et 71,01% des droits de vote de la banque. Au cours de l’assemblée générale extraordinaire (AGE) des actionnaires de Banque Sarasin & Cie SA qui s’est tenue le 31 juillet 2012, le nouveau conseil d’administration a été élu. Il est constitué de Pierre-Alain Bracher (président), Hans-Rudolf Hufschmid (vice-président), Philippe Dupont, Sergio Penchas, Jacob J. Safra, Sipko N. Schat, Marcelo Szerman et Dagmar G. Woehrl. D’autre part, Safra a annoncé merdredi 1er août son intention de lancer une offre d’achat pour les actions nominatives B de la Banque Sarasin & Cie SA détenues par le public au prix de 27 francs suisse par action.
02/08/2012
Fonds

Macquarie lève 625 millions de dollars pour un fonds infrastructures

Au sein de Macquarie Group, Macquarie Infrastructure et Actifs Réels (MIRA en anglais) a annoncé hier avoir levé 625 millions de dollars dans le cadre de son fonds Philippine Investment Alliance for Infrastructure (PINAI). Ce dernier est le premier de cette nature dédié aux Philippines.Parmi les investisseurs figurent, outre MIRA qui gère le fonds, le fonds de pension du système d’assurance Government Service Insurance System («GSIS»), le plus important aux Philippines, ainsi que le gestionnaire d’actifs de fonds de pension neerlandais APG et la Banque asiatique de développement.
Fonds
02/08/2012

Former Credit Suisse trader founds a hedge fund

Shawn Deng, a proprietary trader who left Credit Suisse in New York last year, has announced that he will be launching a hedge fund in January next year, Agefi reports. Quant Macro Capital Management will use the algorithm to seek arbitrage opportunities on commodity, forex, fixed income and equity index markets.
02/08/2012

Louis Bacon returns money to investors to preserve fund performance

The Louis Moore Bacon company is planning to return about USD2bn to investors in its main fund, Agefi reports. The excessive level of investment received is too high for optimal performance. Louis Bacon has posted “disappointing” returns of 0.35% in first quarter, and “acceptable” returns of 6% in 2011.
02/08/2012

Bill Gross predicts the death of equities

“The cult of equity is dying,” writes Bill Gross, manager of the Pimco Total Return fund, with USD259bn in assets, in his monthly investment outlook for August. He claims that annualised inflation adjusted returns from stocks since 1912 was a phenomenon that can’t possibly be duplicated in the future, in the absence of a “productivity miracle that resembles Apple’s wizardry.” He also warns investors that “almost all” developed economies can be expected to attempt “inflationary solutions” in the next few years and even coming decades.
02/08/2012

TCW sale: Frédéric Oudéa quashes rumours

According to the news agency Reuters, Frédéric Oudéa, chairman and CEO of Société Générale, yesterday morning announced in a presentation of the firm’s quarterly results that, while some sources were suggesting a possible sale of TCW, the US asset management affiliate of the bank, he would be refraining from comment on what he considers a rumour. “I will comment when the sales are made,” the head said, adding that he and his team were considering “selling some assets, but not urgently.”
02/08/2012

Outflows from asset management at BNP Paribas

The asset management business unit at BNP Paribas in the first half of the year recorded net outflows of EUR1.9bn, the bank has announced at a release of its results for first half. Net inflows to money market and bond funds were not sufficient to offset outflows from other asset classes, the firm explains. The Investment Solutions unit, to which the asset management business unit belongs, has posted net inflows of EUR8.5bn, due to positive contributions from other business units (private banking, insurance, personal investors and real estate services). This drove assets under management up 3.6% compared to 31 December 2011, to EUR873bn. In first half, Investment Solutions’ revenues edged up 1.1% compared to the first half 2011, the 6.7% drop observed in wealth and asset management as a result of a decline in managed assets being offset by an 11.2% rise in revenus in insurance and 5.7% growth in securities services’revenues. Operating expenses increased 1.4% compared to the first half 2011, due to business development investments in insurance and securities services, but down 3.2% in wealth and asset management due to the adapting of costs to the new environment, the bank says. The cost/income ratio thus rose slightly (+0.3 points) to 68.4%. Pre-tax income came to EUR1.014m, down 4.8% compared to the income in the first half 2011 (-3.5% at constant scope and exchange rates).
02/08/2012

Barings acquires a Korean asset management firm

Baring Asset Management, which currently has approximately USD 47bn under management, announced on Wednesday agreement in principle to the acquisition of SEI Asset Korea Co (SEIAK), a Korean asset manager with USD6.3bn of AUM as at 30 June. “The acquisition, which is subject to regulatory approval, will expand considerably Barings presence in Korea, underlining its strong commitment to what is the third largest market for asset management services in Asia,” says a press release.The transaction is expected to complete by the end of 2012.SEIAK is the 19th largest asset manager in Korea out of 82 registered asset managers. It was founded in 1988 as Tong Yang Investment Advisory. In 1997 it merged with Asset Korea. It currently has 47 employees of which 23 are investment managers. It is based in Seoul, South Korea.
02/08/2012

Fidelity funds unfriend Facebook

In spring 2011, two dozens of funds from Fidelity Investments bought shares in Facebook for over USD200m, the Wall Street Journal reports. When the internet company made its IPO in May, most of these funds and others loaded up on shares. But now, many Fidelity managers are cutting back their stakes, In June, 21 funds from the asset management firm sold over 1.9 million public Facebook shares. Sixteen of these sold more than a quarter of their shares in the firm, Morningstar reports. It is hard to say whether Fidelity funds have made or lost money on the investment, but Facebook shares remain below their offer price of USD38. Other asset management firms have also sold their Facebook shares, the WSJ reports.
02/08/2012

Reshuffle at the top of retail business at F&C

Charlie Porter will be stepping down from his role as chief executive of Thames River with effect from 30 September 2012 and F&C’s Consumer business will then be headed by Michael Warren, formerly investment director at Thames River, announced F&C on Wednesday. Charlie Porter will continue to contribute to the Group as a non-executive director beginning early in 2013.The announcement comes as part of F&C’s half-year results, in which the fund manager also revealed net withdrawals of GBP4.7bn. AUM fell by 1.9% during the reporting period, from GBP100.1 billion to GBP98.2 billion.For the first half of 2012 F&C reported earnings per share, on an underlying basis, of 3.0p, an increase of 11% over the first half of 2011.
02/08/2012

Assets up at Jupiter in first half

The British asset management firm Jupiter has seen an increase in its assets in first half 2012, from GBP22.8bn to GBP23.4bn. This growth is due solely to positive market effects, as the firm has seen net redemptions of GBP302m. These outflows were from dedicated private client mandates, while open-ended funds posted net subscriptions of GBP265m. Pre-tax profits at Jupiter were down to GBP31.2m, from GBP37.3m one year previously, as cost reductions did not entirely offset a decline in operating profits.
02/08/2012

Schroders appoints a new non-executive director

Schroders has announced the appointment of Nichola Pease to the board as a non-executive director, with effect from 1 September 2012. Ms Pease will also be a member of the nominations committee.Aged 51, Nichola Pease was chief executive of JO Hambro Capital Management between 1998, and 2008.
02/08/2012

Arca Sgr buys a stake in BPVI Fondi

The Italian asset management firm Arca will be buying two business arms of the asset management affiliate of Banca Popolare di Vicenza, BPVi Fondi. These include 14 funds and institutional portfolios, representing a total of EUR1.3bn in assets. This is the third acquisition by Arca in recent months, the Italian specialist website Bluerating reports.
02/08/2012

Intech IM launches a Eurozone Low Volatility strategy

Intech Investment Management, a company of the Janus group, has launched the Eurozone Low Volatility strategy. The product allows investors to generate returns slightly higher than the market, while offering limited volatility, similar to that of cap size-weighted indices, a statement says. This new product is denominated in euros, and its benchmark index is the MSCI EMU.
02/08/2012

Allfunds recruits two analysts

The Spanish Allfunds Bank fund platform has recruited two senior analysts for its fund research team in London, Investment Europe reports: they are Mark Hinton and Anaïs Gfeller. Hinton worked previously at Kleinwort Benson and Bestinvest, while Gfeller spent seven years at Lombard Odier.
02/08/2012

Schroders partially reopens Commodity fund

Schroders will be partially reopening its Schroder Alternative Solutions Commodity Fund, which was hard closed on 26 February 2010, except for the I (large institutions) share class, which remained open. The news, which appeared in Investment Week, has been confirmed to Newsmanagers by the asset management firm. “We are reopening our US dollar C class shares for small institutions as from 1st August 2012,” says Christopher Wyke, product manager, commodities. “Minimum investment into C class shares is USD250,000. All other share classes, including retail, remain closed,” he says. According to Investment Week, the fund has total assets of USD3.1bn.
02/08/2012

Asians attracted to UCITS funds

Slightly over half of investment professionals in Asia-Pacific produce or sell UCITS funds, according to a survey conducted in April-June by RBC Investor Services. In addition, 18% of respondents who do not already offer such products are planning to do so in the future. 78% of investment professionals in Asia feel that the European structure is an important vehicle. In fact, RBS Investor Services finds, more than 500 UCITS funds are already on sale in Asia. 74% of Asians now say they are interested in duscussions about the introduction of an Asian fund passport, which would function similarly to UCITS. Asset management professionals in the region gave their top rankings to products which they predict will be of central interest in 2012-2013: mutual funds (41%), hedge funds (37%) and private equity (33%). The percentage for ETFs was only 15%. Lastly, nearly 90% of respondents say they are confident in outlooks for the sector in the region in the next three years. They nonetheless identify several challenges: the impact of the global financial crisis and fragmentation of the local market.

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