La volatilité n’est pas inhabituelle en période de révision des anticipations de croissance. Elle rappelle la situation du printemps 2010

Le premier ministre français, François Fillon, aurait proposé d’acquérir des combustibles nucléaires provenant de la centrale nucléaire de Fukushima, irradiés lors de la catastrophe du 11 mars dernier, indique le journal qui cite des propos de l’ancien ministre des finances, Naoto Kan. Le gouvernement japonais serait en train d'étudier cette offre.

Le nouveau gouvernement de Libye examinerait si des paiements effectués par la Société Générale, dans le cadre de ses relations avec le fonds souverain du pays, auraient bénéficié à des proches de Mouammar Kadhafi. La banque aurait payé un montant non connu à une société localisée au Panama, Leinada, pour structurer et conseiller un investissement d’un milliard de dollars dans un véhicule financier, selon des sources du journal.

Le président Barack Obama entend lancer un grand programme d’investissements en infrastructures et maintenir la baisse de charges sociales

Le maintien d'une politique monétaire accommodante devrait être entériné vendredi par les ministres des Finances et banquiers centraux

Les volumes notionnels nets traités sur le CDS de la France ont doublé à 25,7 milliards de dollars fin août, dépassant ainsi ceux de l’Italie

Il faut donner les ressources suffisantes au Fonds européen de stabilité financière (FESF) pour qu’il ne donne pas l’impression de manquer de moyens, a déclaré le gouverneur de la Banque centrale d’Italie, Mario Draghi, désigné prochain président de la Banque centrale européenne. Il s’exprimait lors d’une conférence à Paris alors que les doutes sur la mise en œuvre du nouveau plan d’aide à la Grèce et sur la ratification par les parlements nationaux de l’extension des moyens du FESF alimentent les tensions sur les marchés lundi.

Lors d’une conférence devant l’Institut Montaigne à Paris, le Président de la BCE a jugé qu’il y avait un besoin immédiat que l’ensemble des décisions d’un sommet de la zone euro le 21 juillet pour aider la Grèce et qu’il était «absolument impérieux» de renforcer la surveillance économique de la zone euro. Selon lui, la crise a «clairement révélé que la gouvernance au sein de la zone euro était absolument essentielle». Il a ajouté qu’il n’y a plus l’ombre d’un débat sur la présence d’un consensus pour avoir un renforcement extrêmement substantiel du pacte de stabilité et de croissance. Par rapport aux discussions actuelles entre le Parlement et le Conseil européens, il a précisé qu’un nouveau pilier de surveillance des politiques macro-économiques, des indicateurs de compétitivité et des déséquilibres au sein de la zone euro sortirait dans les jours qui viennent. Sur la question de la gouvernance, le banquier central dit imaginer un gouvernement confédéral avec un ministre des Finances confédéral.

La croissance dans les services a ralenti en août dans la zone euro pour le cinquième mois consécutif et son niveau est conforme à celui qui avait été donné lors de l’estimation flash. L’indice est ressorti à 51,5 contre 51,6 en juillet. Il atteint son plus bas niveau depuis septembre 2009.

Selon les statistiques publiées par Eurostat, les ventes au détail ont progressé de 0,2% en juillet d’un mois sur l’autre. Sur un an, elles ressortent en baisse (-0,2%). L’agence européenne a par ailleurs révisé les chiffres de juin, avec une hausse mensuelle évaluée à 0,7%, contre 0,9% en première estimation et un recul annuel de 0,7% contre -0,4%.

La confiance des investisseurs de la zone euro a touché en septembre son plus bas niveau en plus de deux ans, a annoncé lundi l’institut Sentix. L’indice est tombé à -15,4 en septembre, son plus bas niveau depuis août 2009, après -13,5 en août.

After seven years as deputy CEO of SBI Fund Management, a joint venture of the State Bank of India and Amundi, Didier Turpin has moved to Madrid as CEO of Amundi Iberia, which provides distribution management and advising to Amundi in Spain, and serves as the development platform for the group in Portugal, Andorra, and Latin America, with a total of EUR5bn under management.Turpin will be assisted by Nuria Trip, who joined Crédit Agricole Asset Management (CAAM) in 2001, as deputy CEO in charge of sales, marketing and products.Alexandre Lefebvre, who joined Amundi Iberia in 2010 as director of controlling and development, is promoted to deputy CEO, in charge of controlling and development. He left IDEAM in 2005 to join CAAM.

On 1 September, the CNMV registered the former BBVA Propriedad real estate fund as its ninth “real estate investment firm” (SII), the Spanish equivalent of REITs (see Newsmanagers of 14 June). The new entity, managed by BBVA Asset Management (ES0108933005), was created on 13 July, and starts up with capital of over EUR1.03bn. Annual management commission is set at 1.5%.

The pension fund APG Group, which manages about EUR275bn in assets, and the ministry of Internal Affairs have announced that on 1 November, Tjerk Kroes will become director of strategy at APG Group (APG, Cordares and Loyalis), IPE reports. For the past nine years, Kroes has been employed at the ministry of Social affairs and Labour, for the past six years as director of the labour market and socioeconomic affairs.

Enrique Chang, CIO, on 1 September announced that the American Century Growth, American Century Focused Growth and VP Growth funds, which represent a total of about USD14bn in assets under management, have been closed to new investors from 31 August.The move aims to protect the performance of these growth strategy products, but existing subscribers will be allowed to continue to acquire shares in the funds and to reinvest their dividends.American Century states that clients who had not been invested in the funds which have been closed to subscriptions, but who would like to take up positions on growth large caps may still invest in the American Century Select or American Century Ultra funds.

Guillaume de Corbiac, gérant du fonds AXA WF Framlington Emerging Markets Talents, a quitté la société de gestion. Son fonds a été repris par Charles Firmin-Didot, fondateur et CIO des fonds Talents, a indiqué un porte-parole d’Axa Investment Managers à Newsmanagers.Guillaume de Corbiac avait rejoint l’équipe Talents, dédiée à la fois à la recherche d’entrepreneurs, en mars 2004 après deux années d’expérience professionnelle en France et à Singapour. Il était gérant du fonds AXA WF Framlington Emerging Markets Talents depuis début 2009, après l’avoir suivi en tant que gérant back-up entre sa création en septembre 2005 et fin 2008.

Edmond de Rothschild Asset Management has recruited Pascal Luccini as head of its newly-created team for reporting and clients. In addition to the director, the team includes six people. The French asset management firm is hoping to strengthen “its ability to assist and the quality of its service to French and international institutional clients.”Luccini joins from Allianz Global Investors, a firm which he joined in 1996, where he became head of client services in 2002.

US money market funds reduced their exposure to euro zone banks for the second consecutive month in August, the Financial Times reports. Some funds have begun to completely avoid French institutions. Legg Mason says that its money market teams have considerably reduced their exposure to euro zone banks due to headline risks and not credit issues.

According to information obtained by Newsmanagers, Michel Bernard is leaving F&C. Bernard, who is based in London, was head of F&C for France, and was responsible for institutional investor clients of the UK asset management firm in particular. He took up the position following the departure of Aurélien Lafaye in late 2010, and was also in charge of other markets, including the Scandinavian countries. When asked about the departure, a spokesperson for F&C states that institutional activities in France “and in other markets where F&C does not have a local presence” are overseen by Julian Lyne, global head of consultants, and his 13-member team. One person dedicated to the French market will be appointed «in due course», the spokesman adds.

Guillaume de Corbiac, manager of the AXA WF Framlington Emerging Markets Talents fund, has left the asset management firm. His fund has been taken over by Charles Firmin-Didot, founder and CIO of the Talents funds, a spokesperson for Axa Investment Managers has told Newsmangers.De Corbiac joined the Talents team, which is dedicated to the search for entrepreneurs, in March 2004, following two years of professional experience in France and Singapore. He had been manager of the AXA WF Framlington Emerging Markets Talents fund since early 2009, following a period in which he was a back-up manager for the fund, from its creation in September 2005 to late 2008.

Fidelity has launched the FF European Dynamic Value Fund. The new fund fills a gap within its European equity product range and offers investors the opportunity to invest in a European equity value fund. It will be managed by Neil Madden, who has been at Fidelity for nine years. FF European Dynamic Value Fund seeks to identify cheap and disliked stocks with improving fundamentals. Stocks in the portfolio have an asymmetric return profile: downside is limited because bad news has at least already been priced in; upside potential is significant as even a marginal improvement will trigger earnings upgrades and an improvement in sentiment and valuation. Neil Madden aims to hold between +3% to +5% overweight holdings in his high conviction ideas and at least +1% active position in his other holdings. The fund will be concentrated, with between 35 - 50 names.

Investors discouraged by slowing growth on both sides of the Atlantic are remaining interested in emerging markets, and in hedge funds dedicated to this asset class. Hedgeweek reports that the most recent statistics from Hedge Fund Research reveal that hedge funds dedicated to emerging markets have seen an increase in their assets of USD1.4bn in second quarter, due to net inflows of USD300m and gains of USD1.1bn due to positive returns. After three consecutive quarters of rising levels, assets in hedge funds dedicated to emerging markets have reached a record USD123bn. Macro hedge funds with an emerging markets bias have performed particularly well in second quarter, with gains of 9%, while global macro strategies lost 1.67% in the same period. However, in the first six months of the year, hedge funds dedicated to emerging markets have not performed outstandingly overall. The HFRI Emerging Markets (Total) Index, which showed zero gains as of the end of June, as of the end of July showed gains of only 0.22%.

UCITS funds in second quarter posted a net inflow of EUR18bn, compared with EUR30bn in first quarter, according to statistics from the European Fund and Asset Management Association (EFAMA). This development is largely due to redemptions from money market funds totally EUR30bn in second quarter, compared with EUR9bn in first quarter.Long-term UCITS funds, or all funds excluding money market funds, however posted a net inflow of EUR48bn in second quarter, compared with EUR39bn in first quarter, with net subscriptions for all categories of long-term funds. Net inflows to equities funds totalled EUR8bn, compared with EUR5bn in first quarter. Net inflows to bond funds totalled EUR10bn (compared with EUR7bn), while diversified funds posted inflows of EUR23bn (compared with EUR20bn).In the first six months of the year, net inflows to UCITS funds totalled EUR48bn, compared with EUR55bn in first half 2010. Long-term UCITS funds attracted EUR87bn in first half, compared with EUR142bn in first half 2010. This development is the result of a loss of investor confidence due to ongoing destabilising events (such as the Arab spring, the Japanese earthquake and tsunami, and concerns about government debt).EFAMA reports, however, that UCITS funds domiciled in France saw a net outflow of EUR23bn in second quarter, largely due to redemptions from money market funds totalling EUR20bn. In the first six months of the year, outflows totalled EUR37.6bn. However, Ireland finished the half with inflows of over EUR39bn, and Luxembourg had inflows of EUR31.6bn.

According to sources familiar with the matter cited by the Frankfurter Allgemeine Zeitung, the private equity investor Bridgepoint has acquired the Swiss firm Infront, a specialist in sales of broadcast rights for sporting events, which in 2010 made more than EUR600m in revenues, for EUR550m. The vendors are Andreas Jacobs and Nicole Junkermann, who had held 60% and 40% of capital in the firm, respectively.

Banque Alterantive Suisse SA on 2 September announced the appointment of Martin Lukas Rohner as its CEO, from 1 January 2012. He had previously been director of the Max Havelaar foundation, a statement from the bank says. Rohner succeeds Sven Thali, who left the bank in March due to differences over the strategic direction and positioning of the bank. Assets under management at the bank as of the end of December 2010 totalled CHF935m.

The British firm Barclays Wealth has recruited a former manager from Goldman Sachs, Kevin Shone, who will join the team dedicated to UHNW clients, Wealthbriefing reports. Shone will join the team as managing director in November. Since 2008, he had worked as managing director at Goldman Sachs Private Wealth Management.

Assets under management at Hargreaves Lansdown rose 41% in the year to 30 June, to total GBP24.6bn, the firm has announced in a statement.This development is the result of an increase in net inflows to GBP3.5bn, compared with GBP3.3bn the previous year, and to positive market effects of GBP3.6bn.The asset management firm has seen a 46% in its pre-tax profits, to GBP126m.

Ignis Asset Management is planning to launch a credit version of its absolute return fund, an emerging market debt fund, and a global equity fund and an emerging market equity fund with a growth strategy, Investment Week reports. The launches come as additions to the range of house funds from the asset management firm.

From November, Investment Week reports, Simon Smith will become head of wholesale at Old Mutual Asset Managers (OMAM), after twelve years at Standard Live Investments (SLI), most recently as head of UK (wholesale) financial institutions. Money Marketing also reports that Old Mutual Wealth Management is currently seeking a new CEO, now that Bob Head will be leaving the group in October, after spending 18 months overseeing the integration of Skandia UK, Skandia International, Skandia Investment Group, and Skandia Continental Europe.

The UK Sustainable Investment Forum (UKSIF) on 2 September published its third report on the treatment of sustainable development issued by British pension funds, entitled “Responsible Business: Sustainable Pension 2011.” Two years after the publication of the last report, the current study finds that pension funds are continuing to deepen their practices in sustainable development. Not only interest in sustainable development, but also participation by pension funds cpvered by the study in sustainable development has increased to one in five, from one in eight two years ago. Sustainable investment now applies to a wider range of asset classes. Private equity, bonds and real estate have increased their use of sustainable development policies compared with 2009. Nearly one third of funds use specialised mandates to deploy their sustainable investment policies. This percentage has doubled since 2009, the report points out. These examples of improvement, which come in a wider context of improved frameworks for sustainable investment practices, and the publication of the Stewardship Code, are all positive signs which should not obscure the fact that the majority of pension funds still need to make the first move to set up sustainable investment practices that may effectively respond to the challenges presented by ESG issues. The report lays out a series of recommendations which it qualifies as urgent, including the governance of sustainable development, which would require the major funds to have at least one expert on sustainable development questions, transparency for the strategies put into use, signing the United Nations Principles for Responsible Investment, and integrating sustainable investment into negotiations on risk transfers. Meanwhile, three funds have already achieved excellence: the BT Pension Scheme, the Co-operative Pension Scheme (PACE), and F&C Asset Management Ltd. Pension Plan. Only one fund reached this level in the previous two editions of the study.