La banque va finir de rembourser cette semaine les prêts d’urgence octroyés par le gouvernement au plus fort de la crise financière

Anne Velot, chef de la gestion crédit chez Axa Investment Managers

L’entité dédiée à l’immobilier au sein du groupe américain aurait selon le quotidien conclu sa toute première acquisition à Singapour, pour 220 millions de dollars locaux (136 millions d’euros). Un rachat auprès du fonds d’investissement allemand SEK, contraint de céder des actifs afin de faire face aux demandes de rachat de ses clients. Blackstone tire ainsi parti d’un climat morose pour nombre d’institutions financières européennes.

C. Newhouse et R. Van Der Putten, économistes chez BNP Paribas

Vincent Guenzi, directeur de la stratégie chez Cholet-Dupont

La société de gestion a annoncé la création d’un organisme de placement collectif en immobilier conforme à la sharia, pour le compte d’une banque koweïtienne souhaitant rester anonyme. Le véhicule a financé l’acquisition d’un immeuble de bureaux situé 91 boulevard Saint Michel à Paris, loué à France Télécom et cédé par Foncière des Régions pour 46 millions d’euros. L’acquisition a été financée en partie par un crédit murabaha.

Selon les statistiques de la Banque de France, les flux corrigés des variations saisonnières de crédits nouveaux ont diminué légèrement dans presque tous les segments de marché au mois de mars. La production de crédits à l’habitat s’est ainsi élevée à 6,8 milliards d’euros, contre 7,3 milliards le mois précédent. Les taux de ces crédits sont restés globalement stables mais ceux des crédits aux sociétés non financières ont fléchi sensiblement.

A l’issue d’une rencontre au sommet entre la Chine et les Etats-Unis, Pékin a fait part vendredi de sa décision d’autoriser les investisseurs étrangers à détenir jusqu'à 49% d’une société de courtage, contre 33% jusqu'à présent. La Chine affirme ainsi qu’elle respecte la promesse faite lors de son adhésion à l’OMC d’ouvrir son secteur financier à la concurrence étrangère.

L’introduction en Bourse de China Postal Express & Logistics, filiale du service postal chinois, dans le but de lever 10 milliards de yuans (1,2 milliard d’euros) a été autorisée vendredi, nouveau signe confirmant la volonté des autorités de permettre des mises sur le marché plus importantes. La Commission chinoise de régulation des opérations boursières (CSRC) s’est contenté au cours des premiers mois de 2012 de ne donner son aval qu'à de petites IPO, craignant que l’instabilité des marchés ne nuise aux plus importantes.

La société de gestion a annoncé la création d’un organisme de placement collectif en immobilier conforme à la sharia, pour le compte d’une banque koweïtienne souhaitant rester anonyme. Le véhicule a financé l’acquisition d’un immeuble de bureaux situé 91 boulevard Saint Michel à Paris, loué à France Télécom et cédé par Foncière des Régions pour 46 millions d’euros. L’acquisition a été financée en partie par un crédit murabaha, un prêt structuré pour être compatible avec les règles de financement islamiques.

Le fonds souverain norvégien s’est débarrassé au cours du premier trimestre 2012 de la majorité des obligations souveraines dépréciées qu’il détenait au sein de la zone euro. Il a vendu ses emprunts d’Etat portugais et irlandais et a également réduit ses investissements dans les dettes de plusieurs pays, dont l’Italie et l’Espagne, a précisé son directeur général Yngve Slyngstad. Au 31 mars, la valeur du fonds se montait à 3.496 milliards de couronnes norvégiennes (460 milliards d’euros), contre 3.312 milliards d’euros au 31 décembre.

Quelque 115.000 personnes ont été recrutées dans le secteur non agricole le mois dernier, a annoncé vendredi le département américain du Travail, contre 154.000 en mars et 259.000 en février, deux chiffres il est vrai révisés à la hausse (d’un total cumulé de 53.000). Les économistes anticipaient 170.000 créations nettes de postes pour le mois d’avril après les 120.000 initialement annoncées pour mars. Le taux de chômage, calculé à partir d’une enquête séparée, est revenu à 8,1% de la population active, contre 8,2% en mars et 8,3% en février, un niveau sans précédent depuis janvier 2009

La filiale de gestion de Dexia a ouvert le 1er mai une succursale londonienne. Elle est dirigée par David Kane, en charge des relations avec la clientèle au Royaume-Uni et en Irlande depuis 2008. Cette ouverture faisait partie des priorités stratégiques de Dexia AM pour 2012.

SCOR Global Investments (SGI), qui enregistre un rendement des actifs de 2,9 % sur le premier trimestre 2012 malgré un environnement économique et financier difficile, a engagé un programme de relèvement prudent du risque moyen du portefeuille de SCOR. Dans un contexte économique et financier toujours difficile, SGI a poursuivi sa stratégie dite de « rollover », qui consiste à maintenir une duration du portefeuille obligataire relativement courte et à générer des cash-flows récurrents, tout en gérant de manière active son portefeuille d’actifs. Au 31 mars 2012, les cash-flows attendus sur le portefeuille obligataire sur les 24 prochains mois s'élèvent à EUR 5,0 milliards (y compris les liquidités et investissements à court terme), la duration du portefeuille obligataire ayant été maintenue relativement courte à 2,9 ans (hors liquidités). Dès le début de 2012, après plusieurs mois d’accumulation volontaire et tactique de liquidités et placements à court terme, SGI a redémarré un programme d’investissement prudent. Les liquidités et placements à court terme ont ainsi été réduits de EUR 695 millions (-6 points), pour atteindre EUR 2 355 millions au 31 mars 2012 contre EUR 3 050 millions au 31 décembre 2011. Le portefeuille d’actifs a été réinvesti essentiellement en covered bonds et agency MBS (+3 points) et en corporate bonds (+3 points). Le portefeuille obligataire (y compris les placements à court terme), de qualité élevée avec une notation moyenne AA-, n’a toujours aucune exposition à la dette souveraine de la Grèce, de l’Irlande, de l’Italie, du Portugal et de l’Espagne, ni aux dettes émises par les Etats et municipalités des Etats-Unis. Sur le 1er trimestre 2012, le portefeuille d’actifs génère une contribution financière de EUR 92 millions, soit un rendement des actifs de 2,9 %, contre 3,7 % sur l’ensemble de 2011. La politique active de gestion conduite par SGI a permis au Groupe de réaliser EUR 29 millions de plus-values sur les trois premiers mois de 2012. Le Groupe a strictement appliqué une politique inchangée de dépréciations sur son portefeuille d’investissements, pour un montant total de EUR 6 millions sur le premier trimestre 2012. En prenant en compte les fonds détenus par les cédantes, le taux de rendement net des placements atteint 2,6 % sur la période, inchangé par rapport à l’ensemble de 2011. Les actifs (hors fonds détenus par les cédantes) s'élèvent à EUR 13 100 millions au 31 mars 2012 et sont constitués à 8 % de liquidités, 81 % d’obligations (dont 10 % de placements à court terme), à 5 % d’actions, à 4 % d’immobilier et à 2 % d’autres placements. Le montant total des placements s'élève à EUR 21 402 millions au 31 mars 2012, à comparer à EUR 21 053 millions au 31 décembre 2011.

According to the ETFGI consultancy, founded by Deborah Fuhr, assets under management in 1,295 European ETFs (listed 4,579 times) as of the end of April totalled USD291bn, compared with USD301.3bn as of the end of March. They increased 8.8% since the beginning of the year, compared with USD267.6bn as of the end of December 2011.In April, European ETFs saw net outflows of USD4.7bn, due to net redemptions of USD5.2bn from equity ETFs, while ETFs replicating European equity indices underwent net redemptions of USD5bn. In the first four months of the year, ETFs saw net subscriptions of USD1.5bn.ETFGI states that in this period, the strongest inflows were to source Markets, with USD1.5bn, followed by UBS Global Asset Management with USD1.2bn, and ETFlab Investment (Deka) at USD0.8bn. On the other hand, db x-trackers (Deutsche Bank) has seen the heaviest net outflows, with USD1.4bn, followed by ComStage (Commerzbank) and EasyETF, with USD0.6bn each. In April, iShares (BlackRock) saw net outflows of USD4.3bn.In terms of assets as of the end of April, iShares has USD113.9bn. The second-largest is db x-trackers with USD43bn. Lyxor Asset Management (Société Générale) takes third place with USD36.59bn.

Assets under management at the asset management unit of Prudential Financial as of the end of March 2012 totalled USD636.8bn, compared with USD568.8bn one year previously, the group has announced in a statement released on 3 May. Assets under management from institutional investors as of the end of March totalled USD283.2bn, compared with USD246.2bn one year previously. Institutional net inflows totalled USD5.4bn.

The French asset management firm A Plus Finance (EUR400m in assets) has announced that it has signed the United Nations Principles for Responsible Investment (UN PRI). It pledges to systematically integrate environmental, social and governance (ESG) questions as investment selection criteria.Niels Couurt-Payen, chairman of A Plus Finance, says that the decision to sign the Principles comes at a time when the asset management firm is genuinely in a position “to apprehend these responsible investment principoles in all its professions.” A Plus Finance is active in financing for SMEs, real estate, the film industry, and multi-management. This has led the firm to revise its processes, in order to integrate these principles transversally.

Asset management boutiques can be forbidding for institutional investors, who may consider their smaller size synonymous with operational and reputation risks. But for Fitch, which has recently published a study of the ratings of small asset management firms, these structures are very much able to overcome these handicaps, by demonstrating that their shareholders are committed in the business, by developing multiple product lines, or by positioning themselves as leaders in a particular market segment, while maintaining enough cash and other financial resources to ensure the survival of the asset management firm and its activities in difficult markets.

The private equity asset management firm 123Venture on 3 May announced the launch of the Trocadero Capital platform, which aims to offer institutional investors a complement to their fund range historically aimed at private clients. The firm, which has over EUR700m invested in over 300 European private businesses, now operates under two brand names, 123Venture and Trocadero Capital. Trocadero Capital offers institutional investors a limited range of investment strategies via dedicated funds. To date, Trocadero Capital manages FCPR funds and management mandates in renewable energies and mezzanine debt. Trocadero Capital manages over EUR100m for a wide range of investors. 123Venture, meanwhile, has announced the launch of a mezzanine fund, the FCPR Trocadero Capital et Transmission II. This FCPR fund aims to make mezzanine investments in French private businesses whose total valuation is between EUR15m and EUR150m. The 123Venture group will invest EUR7m of its own capital alongside institutional cients in the fund, which will aim for a final size of about EUR100m.

Assets under management at the US asset management firm Och-Ziff as of 31 March totalled USD30.1bn, compared with USD28.8bn at the end of December 2011, and USD29bn one year previously. An increase of USD1.1bn, or 4% year on year is related to net inflows of USD902.4m, and positive market effects of USD184.3m. As of the end of April, assets under management totalled about USD29.8bn, up by USD1bn compared with the end of December, due to positive market effects, and despite net outflows of USD600m, which are called “relatively small, in historical perspective.” Och-Ziff states that the proportion of assets in pension funds as a part of total assets under management has increased from 24% one year ago to 29% this year. At the same time, assets in funds of funds represent only 17% of total assets, compared with 21% one year ago, as institutional investors are now preferring to invest directly in single hedge funds.

In first quarter, the net asset inflows of the Investment Solutions unit of BNP Paribas totalled EUR12.6bn in first quarter, the group has announced in a statement released on 4 May.All the business units made a positive contribution: Asset Management (+7.8 billion euros) thanks to strong asset inflows into money market funds from institutional investors; Private Banking (+2.7 billion euros), especially in the domestic markets and in Asia; Insurance (+1.1 billion euros) thanks to good asset inflows in France, Luxembourg and Asia; Personal Investors (+0.4 billion euros) and Real Estate Services (+0.4 billion euros). Despite the unfavourable foreign exchange impact due to the appreciation of the euro this quarter, the asset inflows and the rise in stock markets drove assets under management1 up +4.6%, compared to their level as at 31 December 2011, to 881 billion euros. Investment Solutions’ revenues, which totalled 1,521 million euros, were stable compared to the first quarter 2011. Revenues from Wealth and Asset Management were down 9.1% due to the decline in outstandings in Asset Management in 2011. The good development of Securities Services’ business in all countries with +4.2% growth in assets under custody and +12.7% in assets under administration pushed the business unit’s revenues up +6.6% compared to the first quarter 2011.

Rothschild & Cie Gestion, the French firm led by Jean-Louis Laurens, announced on Thursday that it is merging its traditional and alternative multi-management activities with those of HDF Finance, an French boutique which since mid-2009 has been led by Christine du Fretay, following the decease of her husband and the founder of the business, Gilles du Fretay. The businesses involved at the two asset management firms will be merged into a single firm, which will be known as Rothshild HDF Investment Solutions, and which will be 67% controlled by Rothschild & Cie Gestion and 33% by HDF Group. “Rothschild & Cie Gestion will eventually control 100 % of the new entity,” Laurens, a managing partner in the business, tells Newsmanagers. Rothschild HDF Investment Solutions will be headed by Laurens, and directed by Denis Faller. Pierre Lenders, currently CEO and co-CIO of HDF Finance, will be appointed as deputy CEO of the new company. Christophe Jaubert and Marc Terras, for their part, will serve as deputy CEOs and co-CIOs. Christine du Fretay, the current chairwoman of the board of directors at HDF Finance, says that she will not hold any responsibilities in the new organisation, and that she will be limiting her role to that of director and minority shareholder. In terms of human resources, Laurens states that some work to adjust and reclassify positions at HDF Finance has already been undertaken, and that the goal for Rothschild HDF Investment Solutions is to reach a level of 45 employees. To this end, “some adjustments will be made,” the head admits, “while sales positions are still vacant for Northern Europe and Great Britain.” In figures, the merged entity has EUR4bn in assets, of which EUR3bn comes from Rothschild & Cie Gestion, taking into account the recent acquisition of Héritage AM, and EUR1bn from HDF Finance. In terms of assets, the objectives set by Laurens may be considered cautious: “we are aiming to grow by 10% per year, of which 5% will come from inflows, and 5% from market effects.” This is a modest objective, largely due to to the “difficult” French market. “At any rate, we have a few advantages which make us a credible player in Europe,” the director adds.

The Nasdaq OMX group on 3 May announced that it has acquired BWise, a corporate governance, risk management and compliance (GRC) software specialist. The BWise GRC platform will be available via Nasdaq OMX Corporate Solutions, a dedicated software arm of Nasdaq OMX which helps businesses to minimise risks, increase efficiency and improve transparency through a range of products for corporate governance and investor relations.

Although the German market is very open, the penetration of Carmignac Gestion is more than twice as strong in Italy. The French asset management firm is now hoping to catch up with the help its Frankfurt office, the Frankfurter Allgemeine Zeitung reports. Eric Helderlé, COO, says that although Carmignac funds are already selling well via German IFAs, there is still some progress to be made with family offices and private banks.Last year, total assets at Carmignac Gestion fell by more than EUR9bn, 22% of which, says Helderlé, was due to market effects, while 78% was due to net redemptions of over EUR7.1bn. These outflows were largely to countries in southern Europe, while the German market was more resistant, which is also a reason that the French asset management firm is now looking to grow in Germany.

As of the end of April, total assets in ETFs worldwide totalled USD1.5284trn, USD9.7bn less than at the end of March, despite net subscriptions of USD2bn. ETFGI, the consulting firm founded by Deborah Fuhr, estimates that total assets YTD increased 13.1%, or USD177bn, of which USD60.6bn were from net subscriptions.In the first four months of the year, the three largest net inflows were to Vanguard (USD21.8bn), iShares (USD15.7bn) and SPDR ETF (State Street Global Advisors, or SSgA), with USD6.7bn. The heaviest net outflows were from db x-trackers (Deutsche Bank), with USD1.3bn, Polaris (USD0.8bn), and ComStage (Commerzbank), with USD0.6bn.The top three issuers remain unchanged. iShares has USd649.3bn in assets as of the end of April, followed by SPDR ETF with USD233.9bn, and Vanguard, with USD208.4bn. These three actors together control a market share of 71.4%.

The US firm Van Eck Associates Corporation has announced that it is lowering the total expense ratio (TER) cap to 0.57% from 0.60% for its Market Vectors Indonesia Index ETF (acronym IDX), whose assets as of the end of March totalled USD537m. This is the second time in three years that Van Eck has lowered the TER for the product, which should not be confused with the Market Vectors Indonesia Small-Cap ETF (IDXI), which was launched recently (see Newsmanagers of 22 March).

Assets in the bond fund Pimco Total Return, managed by Bill Gross, have set a new record at USD258.7bn, largely due to USD2.7bn in net subscriptions in April, Mutual Fund Wire reports. Since the beginning of this year, the fund has gained 4.4%, allowing it to outperform 98% of products in its category.

The Credit Suisse group has announced that it will be converting six of its synthetic ETFs to physical ETFs during this month, at the request of many clients and the Swiss financial markets association, Finma. Once the conversions are completed, the number of ETFs to have transferred to a physical replication style in the past six months will total 10. At the end of November last year, the Swiss bank converted four of its 16 synthetic ETFs. Deborah Fuhr, cited by InvestmentEurope, says investors seem to show a marked preference for physical ETF funds. Last year, synthetic ETFs showed net outflows of USD4bn, while physical ETFs had net inflows of USD29bn.

Assets under management at the Banque Cantonale Vaudoise (BCV) have increased 3% in first quarter, to a total of CHF79.4bn, the bank has announced in a statement released on 3 May. Net inflows totalled CHF149m. Gross profits at the BCV were up 2% in first quarter, to CHF121m, on earnings up slightly to CHF253m, from CHF251.6m. The BCV has called these results “very good,” and “in line with the trend in recent years,” but has not provided any information about the current development of activities or outlooks for annual results.

The Swiss Vontobel group on 3 May announced the launch of a commodity fund, the Vontobel Fund Belvista Dynamic Commodity fund, which will be managed by an affiliate of Vontobel Asset Management, Harcourt, specialised in providing alternative solutions. Vontobel already has a widely renowned expertise in commodities, since the launch of the Vontobel Fund Belvista Commodity in 2007. The fund outperformed the DJ Commodity Total Return Index by 15.8% between April 2007 and March 2012. Major characteristics Vontobel Fund (SICAV) – Belvista Dynamic Commodity Domicile: Luxembourg Currency of reference: USD Share classes: USD, CHF, EUR Management fees: 0.75% per year for institutional shares; 1.5% for retail shares Performance commission: 10% per year on outperformance of the benchmark Benchmark index: Dow Jones-UBS Commodity Total Return Index Reference codes: B USD LU0759371569 I USD LU0759372880 H CHF LU0759371999 HI CHF LU0759372450 H EUR LU0759372021 HI EUR LU0759372534