Recherche
S'abonner
Connexion
Asset Management
Accueil Asset Management Actualités
23/08/2011

Vanguard recrute une nouvelle gérante

Vanguard a annoncé le recrutement de Gemma Wright-Casparius en tant que gérante senior au sein de son équipe Fixed Income. L’intéressée occupait auparavant la fonction de gérante fixed income et responsable adjointe de l'équipe de recherche macro-économique d’une filiale du fonds souverain de Singapour.
23/08/2011
Gestion d'actifs

L'Adie choisit le " sans risque " pour les placements de son fonds de dotation

Créé début 2009, le fonds de dotation de l’Adie fait parti des 10 premiers fonds créés en France. « Notre dotation s'élève aujourd’hui, à un peu plus de 2,5 millions d’euros et nous faisons parti des rares fonds de dotation créés avec une dotation initiale émanant d’un don de particulier ce qui nous a permis dès le départ, d’avoir un capital », observe Catherine Monnier, déléguée générale du fonds de dotation de l’Adie. L’objectif ouvert de l’association était de trouver de nouvelles ressources pour financer ses actions autour du microcrédit. De sorte que les placements inhérents au fonds de dotation sont très sécuritaires. « Jusqu'à présent, nous avions des placements en contrats de capitalisation desquels nous sommes sortis car ils n’offraient pas suffisamment de transparence et de visibilité, explique Catherine Monnier. « Compte tenu des rendements que l’on peut attendre aujourd’hui des contrats de capitalisation, mon comité d’investissement a conseillé d’aller vers des comptes à termes beaucoup plus prévisible ». Ainsi, l’association est en attente de nouveaux placements qui se feront sans doute, sur des comptes à termes de banques ayant de bonnes signatures. Côté rendement, l’an dernier, l’Adie a obtenu un peu plus de 3% sur l’ensemble de ses placements mais escompte cette année, un rendement inférieur an raison de sa sortie en cours d’année du contrat de capitalisation. « Nous sommes sur des échéances à long terme et nous estimons que ce rendement est le meilleur que l’on puisse obtenir sans prendre de risques, précise Catherine Monnier. Mais notre choix consiste à sécuriser notre dotation car nous sommes en phase de constitution de cette dotation ».
Gestion d'actifs
23/08/2011

Des prévisions de croissance en berne

Plusieurs économistes ont nettement réduit leurs anticipations de croissance pour la zone euro en 2012, les nouvelles mesures d’austérité prises par les Etats devant peser sur l’activité. Aux Etats-Unis, la prudence est également de mise.
23/08/2011

Nette hausse des CDS des pays fragilisés de la zone euro

Le coût de l’assurance contre un risque de défaut des pays les plus en difficulté de la zone euro est en hausse lundi, alors que l’Allemagne a réaffirmé dimanche son opposition à la création d’obligations communes aux 17 pays utilisant la monnaie unique. Les credit default swaps (CDS) sur les emprunts portugais à cinq ans ont été portés à 935 points de base (pb), en hausse de 39 pb sur la séance, selon Markit. Les CDS sur les obligations grecques de mêmes échéances ont atteint 2.000 pb (+71 pb sur la séance). De leur côté, les CDS sur les obligations espagnoles et italiennes à cinq ans ont grimpé respectivement de 9 et 10 pb, à 373 et 368 pb.
23/08/2011

Chypre travaille à un nouveau plan d'austérité

Le gouvernement chypriote prépare un nouveau plan d’austérité afin d’obtenir le soutien du Parlement, dominé par l’opposition, aux mesures de réduction des dépenses déjà décidées, a déclaré le secrétaire permanent aux Finances Costas Patsalides. Les coûts de financement de Chypre ont fortement augmenté après les abaissements successifs des notes de la dette souveraine de l'île, confrontée à des difficultés budgétaires et à une exposition accrue à la Grèce. Les autorités ont dû accepter lundi un rendement de 7% pour une obligation à 10 ans contre 6,52% lors d’une adjudication similaire en juin.
23/08/2011

Le versement de septembre de l’aide à la Grèce ne sera pas retardé

Le ministre des Finances grec a déclaré qu’il n’y aurait aucun retard dans le versement de la tranche d’aide de septembre à la Grèce et il a ajouté que les discussions en vue d’un échange volontaire d’obligations impliquant le secteur privé avançaient bien. «Les besoins de financement de septembre seront couverts d’une manière ou d’une autre; il peut y avoir un dispositif provisoire dans la mesure où il y a des fonds disponibles. Je vous rappelle qu’il y a 45 milliards d’euros de disponibles dans le cadre du premier programme de renflouement», a indiqué Evangelos Venizelos lors d’une conférence de presse. Concernant l’évolution du PIB du pays, il estime que la récession cette année «sera de l’ordre de 4,5 à 5,3%», a-t-il par ailleurs indiqué en se référant aux propos du ministre Ilias Iliopoulos, secrétaire général du syndicat ADEDY du secteur public, qui participait à une réunion des partenaires sociaux.
23/08/2011

Le parquet new-yorkais doute de la culpabilité de DSK

La déposition de l’accusatrice de Dominique Strauss-Kahn, Nafissatou Diallo, n’a pas dissipé les «doutes raisonnables» quant à la culpabilité de l’ex-directeur général du FMI, indique le parquet de New York dans le document où il réclame le classement de l’affaire. Il juge en outre improbable que des éléments de la plainte déposée en France par la journaliste Tristane Banon, qui accuse Dominique Strauss-Kahn d’une tentative de viol en 2003, puissent être exploités aux Etats-Unis.
23/08/2011

L’Amérique latine verra aussi son économie ralentir

Estimant que l’Amérique latine «ne sera pas épargnée» par le ralentissement économique mondial, les analystes de Morgan Stanley ont abaissé pour l’an prochain d’un point à 3,6% leurs perspectives de croissance du PIB pour la région. Les faibles croissances américaine et européenne devraient notamment peser sur la demande de matières premières produites dans cette partie du monde.
22/08/2011

JO Hambro debuts in Spain

Funds People reports that the British asset management firm JO Hambro Capital Management (JOHCM) has registered the Irish Sicav J O Hambro Capital Management Umbrella Fund PLC, which has eight sub-funds, two of which are absolute return funds, with the Spanish CNMV. The London-based company was recently acquired by the Australian BT Investment Manaegment (see Newsmanagers of 20 July).
22/08/2011

PwC recruits a head from Ernst & Young

The former head of asset management for the Far East at Ernst & Young, Carlyon Knight-Evans, will be joining the rival auditing firm PriceWaterhouseCoopers, Asian Investor reports. With more than 20 years of experience at Ernst & Young, Knight-Evans, who will remain in Hong Kong, will begin in his new position in December. He left Ernst & Young on 31 May. Knight-Evans’ successor at Ernst & Young is Roy Stockwell, who was previously head of asset management for Europe, the Middle East and Africa.
22/08/2011

Hedge funds increase short positions

Hedge funds are increasingly preparing for falls on the stock market, the Financial Times reports. According to the Data Explorers Long Short Ratio for US equities, investors have been increasing their short positions since May, when the comparative level of short positions was at its lowest level since 2005. The ratio now stands at 11.71, which means that long positions are 12 times larger than short positions. In May, the ratio was 13.19.
22/08/2011

Equity funds favour high dividend stocks

In the third week of August, weak economic outlooks dominated investors’ strategies. Most categories of funds saw redemptions. According to EPFR Global, the week to 17 August ended with outflows from high yield bond funds and commodity funds of over USD2bn. However, investors are increasingly hungry for high dividend equities. Since the beginning of the year, equity funds which focus on high-dividend shares had inflows of nearly USD13bn, while equity funds overall saw outflows of over USD45bn. Bond funds finished the week under review with net outflows of USD4.1bn, while equity funds, for their part, saw outflows of USD5.81bn, which is, however, less than one quarter of the total observed the previous week. Money market funds, which had recently attracted record inflows, posted net outflows of only USD1.93bn. Outflows from equities funds slowed, to USD2.77bn, half of which went to Asia ex Japan equity funds, as investors were doubtful that a high level of exports from the region would be maintained. In Europe, in a market environment devastated by the recent turbulence, German equity funds nonetheless remained in positive territory with inflows of over USD1bn.
22/08/2011

GAMCO US Equity Fund released in UCITS-compliant version

Hedgeweek on Sunday reported that GAM has launched a UCITS-compliant version of its GAM GAMCO US Equity Fund, which has USD55m in assets, and was launched on 20 October 1987, the day after 1987’s Black Monday.The new product, which is currently aimed at British retail investors, is managed by Mario Gabelli, and will directly feed the US fund.Minimal subscription is set at USD10,000, Investment Week reports.
22/08/2011

Abu Dhabi sovereign fund creates two new departments

The Abu Dhabi sovereign fund, the Abu Dhabi Investment Authority, has promoted Sheikh Mohammed bin Khalifa Al Nahyan, one of the sons of the president of the United Arab Emirates, as head of a new department dedicated to index funds, the Financial Times reports. The ADIA, whose assets are estimated at USD342bn, allocates 60% of its portfolio to index funds managed by third parties. A second department has been created to oversee non-index funds managed by third parties. The two units replace four former departments, based on a division of the world by geographical regions.
22/08/2011

Morgan Stanley launches a health fund with Perella Weinberg

A new sub-fund of the Irish UCITS III-compliant platform from Morgan Stanley, FundLogic Alternatives PLC, has been created. The MS Perella Weinberg Partners Tōkum Long/Short Healthcare UCITS Fund will be managed by Perella Weinberg Partners (USD8.2bn in assets as of 1 August). As its name indicates, it is a long/short UCITS-compliant fund focused on the health sector (including biotech, pharmaceuticals, and medical equipment and services). The manager of the portfolio is Emile Westergaard. The fund will offer weekly liquidity; custody and administration will be provided by Northern Trust.
22/08/2011

Performance of lower-risk funds rebounds in July

Money market funds and bond funds were the only categories of funds on sale in France whose performance increased in July, according to data from Lipper, an affiliate of Thomson Reuters, the Reuters news agency reports. The trend, which was driven by increased aversion to risk on the part of investors, has been accentuated since the beginning of August, in the wake of drops on the equities markets in the United States, fears that the euro zone debt crisis will spread, concerns about a potential global economic slowdown, and a variety of rumours. Money market funds had gained 0.06% year on year as of the end of July, and bond managers saw their annual returns reach 1.09%, despite a fall in returns from European high yield corporate bond funds. Equities funds had gained 6.2% year on year as of the end of July, compared with an annual gain of 10.3% as of the end of June, and all funds registered for sale in France had gained 3.6% (+5.7% as of the end of June). At the same time, the annual performance of the SBF 120 was down, to 3.2% as of the end of last month, compared with +17.5% as of the end of June.
22/08/2011

QS Investors plans to launch an inflation protection fund

The management firm QS Investors, which until last year was owned by the institutional management unit of Deutsche Bank, and which was subsequently bought out by its employees, is planning to launch an inflation protection fund with USD1bn in assets by the end of the year, the Wall Street Journal reports. The firm, based in New York, with assets under management of USD13.4bn, says that the fund, the Liquid Alpha Fund, will be a UCITS-compliant vehicle, with daily liquidity.
22/08/2011

French regulator publishes 2010 report on ratings agencies

The French financial market regulator, the Autorité des marchés financiers (AMF) on 19 August published its seventh annual report on ratings agencies, which covers international regulatory developments, registration procedures for agencies, and credit ratings. In terms of registration of agencies, the report notes that on 7 September 2010, the deadline for submission of registration applications for existing agencies, 45 entities had submitted an application in Europe. So far, five agencies have been registered: four by the German regulator, and one by the Bulgarian regulator. The AMF is currently participating in sessions of the college of regulators on the subject of the three major ratings agencies, Standard & Poor’s, Moody’s, and Fitch Rating, as part of a registration procedure for the French affiliates of these agencies. The AMF also issued a certification to the Japanese agency Japan Credit Rating Agency (JCRA) on 6 Ajnuary 2011. The French authority was the only competent authority to do so under the certification procedure, as the only member of the college of regulators at JCRA. The AMF says that with the passage and entry into force of the revised Agencies regulations, the European securities markets authority (ESMA) will take on ratings agencies as a primary area of supervision. Its powers will be considerably extended, and gradually, the AMF, along with the other national authorities, will be relieved of its direct responsibility, once the current registratoins are completed, as these powers will be transferred to the AMF. The transfer of responsibility has already come into effect from 1 July for agencies which are already registered or certified, and for all new applications for registration from that date onward.
22/08/2011

Strong demand for gold ETFs

In second quarter 2011, demand for gold generated by ETF funds totalled 51.7 tonnes, compared with an average of 41.4 tonnes in the past twelve quarters (excluding two record quarters in January-March 2009 and April-June 2010), the global gold council states in its report Gold Demand Trends. Global demand for gold in the period under review totalled 919.8 tonnes. The total recorded in April-June this year was considerably lower than in the corresponding period of 2010 (291.6 tonnes), affected by the debt crisis in Europe. This year, demand has been concentrated in Europe, once again due to concerns about the stability of the euro zone and the risk of contagion of potential default in Greece, and in India, where ETFs are rapidly gaining popularity.
22/08/2011

Hedge funds betting that markets will fall further

The International Strategy & Investment Group index, which measures the positions held by 35 hedge funds with assets under management of about USD84bn, on 16 August fell to 45.8, compared with a 2011 high of 54.2 in February, the Frankfurter Allgemeine Zeitung reports. This means, concretely, that short positions have reached their highest level in two years, and that hedge funds worldwide are expecting the stock markets to continue to fall.
22/08/2011

Cairn Capital predicts that France and Germany will both lose their AAA ratings

Graham Neilson, chief strategist at the London-based alternative management firm Cairn Capital, estimates that the high cost of bailing out Greece, Portugal and Ireland may cost France and Germany their AAA ratings, Expansión reports. If the European bailout fund has to be abandoned, debt in these countries will total 120-125% of GDP, which does not qualify them for AAA ratings.
22/08/2011

Elliott CA increases stake in Demag Cranes

At the conclusion of its takeover bid in late July, the US firm Terex announced that it controlled 81.8% of capital in the German firm Demag Cranes.Demag Cranes on 19 August announced to Deutsche Börse that on 15 August it received notification from Paul E. Singer that the alternative management firm Elliott Capital Advisors, with its affiliates, had passed the 10% threshold, and controlled 10.08% of voting rights.It is likely that Elliott is expecting to make money if Terex succeeds in exercising a squeeze-out clause.
22/08/2011

Aquila Capital releases Spectrum Fund

The German asset management firm Aquila Capital (EUR2.8bn) has received a sales license from the German regulator, BaFin, and the Austrian regulator, the FMA, for its Luxembourg-registered product AC Spectrum Fund (LU0614925856), a fund that complies with the European UCITS III directive, and offers daily liquidity.The product combines a trend-based strategy with carry and correlation indicators. The fund is based on a concept developed primarily by professor Harry M. Kat. It is managed by Jan Auspurg and the quantitative team at Aquila Capital.The Spectrum fund aims for 15% volatility, and a low or negative correlation with traditional markets. Management commission is 1.75%.
22/08/2011

UBS Gestión launches an international fund of funds

On 11 August, UBS Gestión notified the CNMV of the launch of the international fund of funds Global Diversification Fund, with a recommended investment duration of at least three years. In normal conditions, exposure to other UBS funds will range from 5% to 10%; it is limited to 30%. The management team has complete latitude to invest in equity or bond funds, but the portfolio may not exceed 35% emerging markets equities. The composite benchmark index is composed 65% of the EFFA 1-3 years, 15% of the Repo Dia ,10% S&P 500 EUR, 8% Eurostoxx 50, and 2% MSCI Free Ex Japan. Characteristics Name: Global Diversification Fund, FI ISIN code: ES0142459009 Direct management commission: 1% Indirect management commission: 2.5%
22/08/2011

Direxion appoints a head of alternative investments

The US management firm Direxion has announced the recruitment of Edward Egilinsky as managing director in charge of alternative investments. Egilinsky will be responsible for defining product launch strategy for the firm, and internal and external product training. Egilinsky was previously managing director in charge of product distribution at Price Asset Management.

Sujets d'actualité

Tous les sujets