Deutsche Bank trouve une porte de sortie pour BHF
Après avoir vainement tenté de vendre sa filiale à LGT, la banque allemande négocie désormais avec la holding belge de Kleinwort Benson
Les règles comptables portugaises embellissent la santé des banques
Le ratio core tier 1 prend en compte les actifs détenus par leurs fonds de pension, et les prêts non performants seraient sous-estimés
La BCE ouvre la porte à d'autres hausses de taux
Jean-Claude Trichet redit son opposition à un défaut même sélectif sur la dette grecque
La BCE ouvre la porte à d'autres hausses de taux
Jean-Claude Trichet redit son opposition à un défaut même sélectif sur la dette grecque
Eurex enrichit ses dérivés sur la dette italienne
La Bourse de dérivés Eurex a annoncé le lancement le 19 septembre prochain d’un nouveau contrat sur la dette publique italienne à moyen terme, le Mid-Term Euro BTP Future. Ce future sera basé sur des emprunts de maturités résiduelles allant de 4 à 6 ans et dont la maturité de départ n’excède pas 16 ans. Le contrat aura une valeur nominale de 100.000 euros et portera un coupon de 6%. En septembre 2009 et octobre 2010, Eurex avait lancé des contrats sur les parties longue et courtes de la courbe italienne, et revendique à ce jour 3 millions de contrats traités.
La production manufacturière britannique meilleure que prévu en mai
La production manufacturière britannique a progressé à rythme sans précédent en plus d’un an en mai après un ralentissement en avril, provoqué par le mariage princier, montrent les données publiées jeudi. La production manufacturière, qui n’inclut pas les services aux collectivités et l’extraction du gaz, a augmenté de 1,8% en mai après une baisse révisée de 1,6% en avril. C’est la plus forte hausse enregistrée depuis mars 2010. Sur un an, la hausse est de 2,8%.
L'Irlande de retour sur les marchés d'ici fin 2012
L’Irlande pourra de nouveau se financer sur les marchés d’ici la fin de l’année 2012, a dit le ministre irlandais de la Dépense publique, malgré la hausse des rendements de la dette souveraine provoquée par l’abaissement de la note du Portugal.
Le coût de l'assurance contre un défaut de la dette souveraine portugaise s'envole
Le coût de l’assurance contre un défaut de la dette souveraine du Portugal a atteint un niveau record, en réaction à l’abaissement par Moody’s de la note du pays. Les credit defaut swaps (CDS) à cinq ans sur le papier portugais sont en hausse de 95 points de base (pdb) à 1.015 pdb. Ceci signifie qu’il coûte 1,015 million d’euros pour assurer 10 millions d’euros d’obligations portugaises. Sur le marché obligataire, le rendement du papier portugais à deux ans atteint environ 17,8% tandis que celui du papier à dix ans ressort autour de 14%. Le coût de l’assurance sur un défaut grec est quant à lui en hausse de plus de 100 pdb à 2.200 pdb. Les rendements de la dette italienne et espagnole à dix ans sont également en hausse, respectivement autour de 5,15% et 5,66%. L'écart de rendement entre le papier allemand à dix ans et son équivalent italien a ainsi atteint 224 pdb, un plus haut depuis la création de l’euro.
Nouveau record pour le déficit commercial français
Le déficit commercial de la France a battu en mai le record établi le mois précédent, sous l’effet d’une hausse des importations, notamment énergétiques, et d’une relative atonie des exportations. Le solde de la balance commerciale s’est établi à -7,422 milliards d’euros, après -7,174 milliards (révisé) en avril, selon les données CVS/CJO publiées jeudi par les Douanes.
La Banque centrale européenne relève ses taux directeurs
Comme attendu, la Banque centrale européenne (BCE) a annoncé un nouveau relèvement de ses taux directeurs, après un premier resserrement en près de trois ans en avril, afin de lutter contre une inflation jugée trop élevée dans la zone euro à 2,7% en juin. Elle relève ainsi le taux de refinancement d’un quart de point à 1,50%, le taux de prêt de 0,25 point à 2,25% et le taux de dépôt à 0,75%. De son côté, la Banque d’Angleterre (BoE) a maintenu comme prévu jeudi son taux d’intervention au plus bas record de 0,5%. La BoE a par ailleurs maintenu le niveau des achats liés à l’assouplissement quantitatif à 200 milliards de livres. Les signes de faiblesse économique localement et à l'étranger semblent l’avoir emporté sur une inflation qui dépasse l’objectif de la banque centrale. Ce taux n’a plus bougé depuis mars 2009.
L'Espagne adjuge 3 milliards d'euros d'obligations
L’Espagne a facilement adjugé jeudi pour trois milliards d’euros d’obligations arrivant à échéance en 2014 et 2016, moyennant une hausse des rendements sur le papier à cinq ans. Madrid a adjugé pour 1,5 milliard d’euros d’obligations 2014 à un taux de rendement moyen de 4,291% avec un coefficient de couverture de 2,3. L’autre adjudication a porté sur 1,5 milliard d’euros d’obligations 2016 donnant un rendement moyen de 4,871% contre 4,549% lors d’une émission semblable organisée en mai. Le coefficient de couverture est de 2,9 contre 1,9 observé lors de l’adjudication de mai.
La production industrielle allemande en hausse en mai
La production industrielle allemande a renoué avec la croissance en mai, montrent les données publiées jeudi par le ministère allemand de l’Economie. La hausse est ressortie à 1,2% (contre +0,6% attendus par le consensus) d’un mois sur l’autre, après une baisse de -0,8% (révisé de -0,6%).
07/07/2011
Barings and AllianceBernstein recruit in Germany
The British asset management firm Barings has announced the recruitment of Martin Dilg for its Frankfurt-based team. He will be in charge of distribution for investment funds in Germany and Austria, particularly in the area of relationship with funds of funds, private banks and family offices. Dilg had previously been director of manager selection for fund managers and funds of funds at Fürst Fugger Privatbank. He will report to Oliver Morath, head of sales for Europe & Middle East.The US management firm AllianceBernstein has also added to its European distribution team, with three recruitments for Europe and Germany.Mirko Böttcher will be based in London, and will be in charge of third-party fund distribution in Europe. He had been operation global manager for relationships with businesses at Schroders.Gunnar Knierim, director of distribution to banks and wealth managers in Munich for Pioneer Investments, has joined AllianceBernstein as head for German distribution partners (asset managers, wealth managers, private banks, family offices and funds of funds).Lastly, Elizabeth Para also joins AllianceBernstein in London as product manager, to develop sales in Europe, the Middle East and Africa. She had previously been an investment strategist in the area of currencies at Overlay Asset Management.
07/07/2011
Deka supervisory board continues to soak in its political stew
This Thursday, the first meeting of the board of directors of DekaBank, the central asset management firm for the German savings banks, since the Landesbanken sold off their stakes in the business, will be held. But the board, which is equivalent to a supervisory board, will have “at least 25” members instead of 30, according to the Frankfurter Allgemeine Zeitung, as Deka is a para-political organisation, and the regional savings banks have no intention of giving up any power, or any seats on the board.Reformers at the business have not succeeded in imposing “import” of outside expertise. However, there are plans to appoint directors for the savings banks who have some notions of the way that banks operate; but those who will remain as chairmen at regional savings banking associations tend to think tactically and view their work through a political prism.
07/07/2011
Legg Mason recruits a head of development
Richard von Bergmann-Korn, who had been senior sales director for retail activities at ING Investment Management in Germany, has joined Legg Mason in Frankfurt, as head of business development for wholesale distribution in the German-speaking countries. He will report to Klaus Dahmann, head of sales for Germany & Austria. Bergmann-Korn previously worked as senior sales director at Pioneer Investment, for strategic partnerships in Germany and Austria, and before that worked at Axa Investment Managers and Paribas Asset Management.
07/07/2011
Credit Suisse launches a product with no capital guarantee
Until 28 July 2011, Credit Suisse is offering Engagement Coupon, a product based on a complex debt security with no capital guarantee, with a duration of eight years. At maturity, set for 5 August 2019, the investor will receive capital invested if the Eurostoxx 50 index (without dividends reinvested) has not fallen by more than 75% from its initial value, as defined on 28 July 2011. In the opposite case, there will be loss of capital, and the investor will receive the equivalent of the final level of the index, limited to its initial value. Before maturity, the fund will deliver annual coupons of 5%, regardless of the performance of the Euro Stoxx 50. Characteristics ISIN code: XS0631920401 Issuer: Credit Suisse AG Issue price: EUR1,000 Dates of payment for the coupon: 30 July 2012, 29 July 2013, 28 July 2014, 28 July 2016, 28 July 2017, 30 July 2018, 29 July 2019 Eligible for investment from life insurance policies
07/07/2011
Hedge funds pessimistic about US equities
Hedge fund managers are now pessimistic about US equities, according to the most recent survey by TrimTabs Investment Research and BarclayHedge. About 38% of 87 managers surveyed are predicting that the S&P 500 index will fall, compared with 29% in May. Only 27% are predicting that the index will rise, compared with 30% in May. This pessimism is not preventing hedge funds from announcing in the meanwhile that they will be increasing their leverage in the next few weeks. About 74% of hedge funds are ruling out the possibility that the Fed will announce another wave of quantitative easing.
07/07/2011
Private equity: clean technologies market set to continue growth
SAM, the affiliate of Robeco dedicated exclusively to sustainable investment, has published its second study of the global private equity market in the area of clean tech, entitled “Clean Tech Private Equity: past, present, and future.” The results of the study show that the market is seeing a new wave of growth, which investors may exploit through targeted investments.The clean tech industry in particular appears to be set to continue its higher than average growth. It is benefiting from high levels of cost competitiveness compared with traditional energies, and strong demand for clean and safe energy solutions. A wide range of sectors specialised in clean tech will no longer depend on government aid in the future. Meanwhile, there are a growing number of opportunities for profitable exits (initial public offerings, mergers, and acquisitions) for private equity investors.
07/07/2011
Private managers seek riskier assets
The Financial Times reports that private bankers appear to have overcome their aversion to risk, and are returning to alternative assets. A study by Scorpio Partnership states that client portfolios at some of the largest British wealth management firms now have average allocations of 17% to alternative products (hedge funds, private equity, commodities, and real estate), compared with 7% at the end of 2009.
07/07/2011
Natixis Interépargne and Natixis AM offer a new retirement savings solution
Natixis Interépargne and Natixis Asset Management on 6 July announced the launch of “Avenir Garanti – Retraite,” a new financial management solution dedicated to pensions, which carries a capital guarantee at maturity for up to 40 years. The “Avenir Garanti – Retraite” range, composed of five business common investment funds (FCPE), offers two guarantees at maturity: a guarantee of the highest level of value attained since the creation of the fund, and a guarantee that 100% of invested capital will be recuperated.
07/07/2011
Och-Ziff hits a rough patch in June
Assets under management at the New York-based alternative management firm Och-Ziff fell by USD700m in the month of June, to USD29.3bn. The firm does not state the reason for this development, whether it is due to market effects and/or net outflows.
07/07/2011
Russell looks to develop banking partnerships
Russell Investments on 6 July announced that it is seeking to increase its presence among banking networks, with the appointments of John Harrell and Paul Izzo to the newly-created position of national account executive.
07/07/2011
UBS to make savings in wealth management activities
UBS is to make savings in wealth management, Agefi Switzerland reports. “Costs are an issue,” says Jürg Zeltner, director of UBS Wealth Management, cited in Finanz und Wirtschaft on Wednesday, 6 July. “I am pessimistic about the evolution of margins, and that’s why it is necessary to manage costs, with extreme discipline,” Zeltner continues. The question is whether a long-term objective of 4% annual growth in costs remains plausible. This needs to be placed into perspective with the fact that 65% of contracts are realised in euros or US dollars. “For the moment, I am extremely cautious,” says Zeltner. The director of UBS Wealth Management has no plans to add to staff aside from client advisers. Savings are planned in third-party services, headhunters, activities associated with advising and market prospecting.
07/07/2011
British Serious Fraud Office investigates ETFs
The British Serious Fraud Office (SFO) has launched an enquiry into the potential dangers of ETFs, following warnings from the FSA and the Bank of England, Investment Week reports. The SFO has joined forces to investigate these problems with regulatory authorities and professional associations. “We are slightly out of our expertise. That is why we are looking to other authorities. What worries us and what is not immediately apparent with these investments is the way in which they are presented to investors, the underlying value of the collateral, and their domicile,” a spokesperson for the SFO explains. According to Financial News, the regulator is concerned that collateral could possibly be used to store toxic or illiquid debt.
07/07/2011
Derivatives: associations warn against excessive divergence of regulations
The British Investment management association (IMA) and seven other professional organisations, including the European banking federation, have alerted the European Commission and the US Treasury to take measures to coordinate regulations in the area of derivative products.In a letter sent to the European commissioner for the internal market, Michel Barnier, and the US Secretary of the Treasury, Tim Geithner, the professional associations claim that there is a need for increased cooperation between European and US regulators, in order to avoid the damaging effects of extra-territoriality, which is often associated with protectionist inclinations on the part of governments.
07/07/2011
Appointments at Standard Life Investments
The British management firm Standard Life Investments has announced that it has added to its team in charge of fund selection, with the appointments of Jason Day, katie Trowsdale and Matthew Webber as senior analysts. The new recruits will report to Alan Scrimger, head of fund research, and will work in close collaboration with Bambos Hambi, who took over as head of fund of fund management in March 2011. Day previously worked at Allbridge, Trowsdale at Gartmore, and Webber at Co-operative Asset Management.
07/07/2011
Switzerland plans to step up monitoring of collective investments
Under international pressure, Switzerland is set to toughen its standards for collective investments, Agefi Switzerland reports. The Federal Council on 6 July placed a proposed revision to the law which would extend surveillance of asset managers under consultation until 7 October. The law on collective capital investments no longer meets the needs of the country for protection of investors and competitiveness, the government claims. Following the financial crisis, most countries have toughened regulations. Swiss regulations have some gaps, as they do not subject all investment managers to government supervision. Dispositions related to custody of investments are rudimentary, and to not correspond to international standards. Distribution of collective investments to qualified investors is no longer regulated either.
07/07/2011
Merrill Lynch sentenced in case dating back to 2008 crisis
An arbitration panel for the Financial Industry Regulatory Authority (FINRA) has sentenced Professional Clearing Corp., an affiliate of Merrill Lynch which provides hedge fund services, for making “unexpected margin calls” as the markets collapsed in 2008, which provoked the bankruptcy of the hedge fund management firm Rosen Capital Management, the Wall Street Journal reports. Merrill Lynch has been sentenced to pay USD63.7m. Merrill Lynch is planning to appeal the decision.
07/07/2011
Unorthodox practices at Fletcher AM
Three Louisiana pension funds invested USD100m with the hedge fund manager Fletcher Asset Management, which in 2008 promised them returns of 12% per year. Last month, the Wall Street Journal reports, they demanded redemption, but Alphonse Fletcher Jr., the manager of the fund, sent them promissory notes, promising to pay them back in two years. That is not the only peculiarity of Fletcher AM, which counts its assets several times, with assets in 17 feeder funds which lend money to each other, and to a master fund which does not invest in the markets directly. Fletcher declares assets of over USD500m, when in reality it has less than USD200m.
07/07/2011
Temasek reduces exposure to major Chinese banks
The Singapore sovereign fund Temasek Holdings on Wednesday resold shares in Bank of China and China Construction Bank for USD3.62bn, at 6% and 3.4% below their closing prices on Tuesday, respectively, the Wall Street Journal reports. Temasek says that it is a simple rebalancing of its portfolio, rather than a negative prediction as to the Chinese banks, but the poor performance of the shares is a sign that investors are concerned about the portfolio of credits to Chinese local governments. Moody’s on Tuesday revised its outlook for Chinese bank debts to negative, due to lack of a clear plan to reduce public debt.