AIB impose des décotes de 75 % à 90 % sur ses dettes subordonnées
Allied Irish Bank a annoncé hier son intention de lancer une offre de rachat demain, qui force de fait les créanciers à apporter leurs titres
RAB Capital dans la tourmente
Le gestionnaire alternatif envisagerait de ses retirer de la Bourse en raison d’un afflux massif de demandes de rachats de parts des investisseurs. Les actifs se sont littéralement évaporés à l’échéance de la période de blocage de trois ans des titres au sein de son fonds vedette. Déjà début 2011 les actifs avaient chuté à un milliard de dollars contre 7 milliards au plus haut en 2007.
L’inflation atteindra 5 % à l’automne d’après la Banque d’Angleterre
La publication du rapport d’inflation de la banque centrale s’est traduite par une légère hausse des taux courts et de la livre sterling
L'Allemagne emprunte 5,86 milliards d’euros à 2 ans
L’Allemagne a émis pour 5,858 milliards d’euros d’obligations à deux ans à un taux d’intérêt moindre que lors de la dernière adjudication de ce type et a attiré une demande plus élevée. Le rendement moyen est ressorti à 1,79%, contre 1,81% lors d’une émission similaire le mois dernier. L’offre a été 1,9 fois sursouscrite, contre 1,8 fois précédemment.
Les prévisions d'inflation de la BoE relevée à un peu plus de 1,9%
La Banque d’Angleterre a relevé sa prévision d’inflation à moyen terme à un peu plus de 1,9% dans son rapport de mai, ouvrant potentiellement la voie à une hausse de ses taux directeurs en novembre. Dans son précédent rapport de février, la banque centrale tablait sur un taux d’inflation à deux ans de 1,6%.
Recul de déficit des paiements courants de la France
Le déficit des paiements courants de la France a diminué en mars à 4,1 milliards d’euros après 5,1 milliards en février, en raison principalement de l’amélioration du solde des échanges de biens, montrent les chiffres provisoires publiés mercredi par la Banque de France. Le déficit des échanges de biens a diminué à 6,0 milliards après 7,3 milliards en février.
La France parmi les «champions» de la taxation des salaires
La France figure parmi les pays de l’OCDE dans lesquels la pression fiscale sur les salaires est la plus élevée et parmi ceux dans lesquels elle a encore augmenté en 2010, pesant sur le revenu disponible des ménages, montre un rapport publié mercredi par l’OCDE. La part totale des impôts payés par les salariés et les employeurs, diminuée des transferts en espèces, est, en France, supérieure d’au moins 13 points à la moyenne de l’OCDE. Ce taux, en très légère hausse par rapport à 2009 (+0,14 point), est supérieur de 14,4 point à la moyenne de l’OCDE (34,9%) et place la France au deuxième rang du classement des pays membres de l’organisation, derrière la Belgique (55,4%) et juste devant l’Allemagne (49,1%).
L’élection présidentielle en France les 22 avril et 6 mai 2012
La prochaine élection présidentielle française aura lieu le 22 avril 2012 pour le premier tour et le 6 mai 2012 pour le second, a annoncé mercredi le porte-parole du gouvernement, François Baroin. Les élections législatives auront lieu les 10 et 17 juin 2012, qui rendait compte d’une communication du ministre de l’Intérieur, Claude Guéant, en conseil des ministres. Les prochaines élections sénatoriales auront lieu le 25 septembre prochain.
Omgeo lance un forum à destination des hedge funds
Le fournisseur de solutions post-marché Omgeo a annoncé le 9 mai le lancement d’un forum d'échanges, le Hedge Fund Operations Forum (HOF), dédié aux meilleures pratiques opérationnelles des hedge funds basés au Royaume-Uni.Parmi les membres fondateurs du forum figurent notamment BlueBay Asset Management, Cairn Capital, Cheyne Capital, CQS, Marshall Wace et RAB Capital.
11/05/2011
BlackRock nomme un directeur de la distribution CGPI et réseaux de CGPI
Le gestionnaire américain BlackRock a annoncé la création au Royaume-Uni du poste de «head of nationals & networks» qui est confié à Sanjay Gohil. Ce dernier était déjà chargé en dernier lieu du développement des relations avec les CGPI et les réseaux de CGPI chez Friends Provident. L’intéressé sera subordonné à Mark Elliott, head of UK retail sales.
Theadneedle nomme une gérante pour son Global Emerging Markets Equity Fund
Threadneedle a nommé au premier mai Irina Miklavchich gérante de son fonds marché émergents Threadneedle Global Emerging Markets Equity Fund, qui pèse 130 millions de livres. Le produit était jusqu’alors piloté par Vanessa Donegan, head of Asia ex Japan et Rafael Polatinsky. Irina Miklavchich a rejoint la société de gestion britannique en février, après avoir travaillé dans l'équipe marches émergents de Goldman Sachs.
Un hedge fund américain lance une stratégie CTA en Europe
Le hedge fund basé en Floride Dunn Capital Management, un fonds CTA dont les actifs sous gestion s'élèvent à environ 1 milliard de dollars, envisage de lancer une version au format Ucits III de son fonds phare WMA (World Monetary and Agriculture), rapporte Citywire. Le fonds pourrait être lancé dès le 1er juillet prochain.Depuis son lancement en 1984, le fonds WMA a dégagé un rendement annualisé de 14,61%.
11/05/2011
State Street créé un poste de responsable des ventes de produits de taux pour la région EMEA
State Street a annoncé le 10 mai la nomination de Craig Butterworth au poste nouvellement créé de responsable des ventes de produits de taux pour la région Europe, Moyen-Orient et Afrique (EMEA). Craig Butterworth dirigera l’équipe commerciale de State Street Global Markets dédiée aux produits de taux et aura pour mission de développer cette activité. Il sera basé à Londres et rapportera à Jon Thoresen, responsable des taux pour les produits à revenu fixe pour l’Europe, le Moyen-Orient et l’Afrique, et à Peter Turk, responsable mondial des ventes de produits de taux.State Street Global Markets a lancé en 2010 son activité de taux sur des produits à revenu fixe en réponse à la demande du marché et aux opportunités d’intégrer et de diversifier les stratégies de courtage. Cette activité qui permet de fournir des transactions de taux sur des produits à revenu fixe et une couverture commerciale pour les clients institutionnels, compte désormais plus de 60 professionnels sur le terrain, principalement au Royaume-Uni et aux États-Unis. Craig Butterworth était précédemment chez Royal Bank of Scotland (RBS) où il a travaillé sept ans, tout dernièrement au poste de directeur général responsable des ventes de taux pour les fonds britanniques et les hedge funds.
G2AM est sur le point de lancer son premier fonds
Selon FundWeb, Generation Asset Management (G2AM), la société de gestion constituée il y a environ un an par la banque basée à Genève Generation Groupe et le canadien Arrow Capital Management, attend les feux verts réglementaires pour lancer son premier fonds.Le nouveau véhicule sera un fonds au format Ucits basé au Luxembourg et dédié aux marchés émergents
Royal London AM lance un fonds éthique
Selon Investment Week, Royal London Asset Management a lancé un fonds éthique britannique qui sera piloté par Bradley Mitchell.Le fonds au format Ucits III investira dans un portefeuille concentré de 40 à 60 lignes et visera un rendement annuel supérieur de 2% à 3% à l’indice de référence FTSE-All-Share. Les frais d’entrée sont de 4%, les commissions de gestion étant fixés à 1,4% par an pour un investissement minimum de 1.000 livres.
Une société américaine va lancer un Ucits III
Selon Citywire, DUNN Capital Management, une société de hedge funds basée en Floride gérant 1 milliard de dollars d’encours, va lancer une version Ucits III de son fonds monétaire et agriculture mondial. Le fonds WMA Ucits sera basé sur la plate-forme MontLake Ucits de ML Capital.
11/05/2011
Robeco releases Emerging Conservative Equities fund
Since 12 April, German investors may subscribe to shares in the new Luxembourg-registered, UCITS-compliant fund Robeco Emerging Conservative Equities, which Robeco Germany released for active sales on 10 May. Assets now total EUR21m.The fund of emerging markets equities has no benchmark index, and volatility of less than 30% on average, while retaining potential for outperformance. Investments are based on the “low value anomaly” theory developed by Pim van Vliet, who oversees risk management for the fund, and David Blitz; the theory demonstrated that a lower level of risk does not necessarily result in a reduction in performance. The manager in charge of stock-picking is Arlette van Ditshuizen.The fund is configured in such a way that it may be expected to outperform in falling, stagnant and slightly positive markets. However, in rapidly rising markets, the conservative equity method will tend to underperform, as it would have done in 1997 and 1999. The methodology has been in use since 2006 for the Robeco Global Conservative Equities fund, and since 2007 for the Robeco European Conservative Equity fund. Backtesting shows that the strategy would have nearly completely avoided losses in 2000 and 2002; in 2008, losses would have been considerably reduced.Robeco manages emerging markets funds totalling about EUR17bn (as of the end of April).CharacteristicsName: Robeco Emerging Conservative EquitiesISIN code: LU0582533245 (D share class)Front-end fee: 5% maximumManagement commission: 1.25%Service commission: 0.12%
11/05/2011
Union Investment rationalises product range
As a part of a regular update of its product range, Union Investment on 31 May announced that its fund suite will be marginally redeployed. The UniConClusio: European Equities A fund, which is a share class in an institutional fund, with assets of only EUR12m, will be liquidated. Institutional shares will continue to exist, while retail investors may instead opt for the UnionGeldmarktFonds (EUR768m).The UniDoubleChance (EUR3m) fund will be absorbed into the UniValueFonds: Global A, with EUR354m, while the UniEuroFlex (EUR142m) will join the UniMoneyMarket: Euro (EUR1.39bn), and the UniEuroRenta Corporates T fund (EUR64m) will be merged into the UniEuroRenta Corporates A (EUR187m).
11/05/2011
Santander redeploys underlying funds for its Superselección FoF
Four funds out of eight will be maintained until next year in the portfolio of the guaranteed fund of funds Santander Superselección (EUR320m), when its annual mandates are renewed. The changes will come into effect on 13 May, and the next revision will take place in March 2012. The funds retained are The Alger American Asset Growth fund, with a weighting of 1.8% (compared with 4.5% until 13 May 2011), the Allianz RCM US Equit, at 18.8% (compared with 20.5%), the BGF Euro Bond Fund from BlackRock, at 29.4% (compared with 27.1%), and the BL Global Bond Cap from Banque du Luxembourg, at 5.8%, compared with 4.42% (see Newsmanagers of 10 May 2010).The new funds added to the portfolio are the Jupiter European Growth, at 11.2%, the Franklin European Growth, with 13.8%, the BNP Paribas Opportunities USA, with 4.4%, and the Schroders ISF Euro Bond, with 14.6%.Management commissions for the fund, which were raised last year to 1.66% from 1.61% in 2009, will be reduced this year to 1.5%.
11/05/2011
Entheca launches a fund which invests in stock-pickers
As Newsmanagers reported on 12 January this year, Entheca Finance has launched the Entheca Top European Manager fund, a fund of funds explosed to European equities via investments in shares in mutual funds (up to 100% of net assets). The funds selected are from entrepreneurial and independent asset management firms, with the objective of profiting from talented stock-pickers, in the large, mid and small cap segments. The various management styles are also represented (growth, value, and returns). The fund ultimately aims for returns higher than the MSCI Europe index, over a minimal investment duration of 7 years. In terms of risk management, each fund may represent no more than 20% of total net assets, and 80% of the funds selected must offer daily liquidity.CharacteristicsISIN code: I share class: FR0010999771/ R share class: FR0011021112Front-end fee: 2% maximumAnnual management fees: 1.8%, + 20% of performance exceeding the MSCI Europe indexShare size: R share class: EUR100 / I share class: EUR1mBenchmark index: MSCI Europe The new FCP fund is an addition to the fund range on offer from Entheca Finance, which also includes Entheca Régularité (ISIN: FR0010555920), an enhanced money market fund which aims to outperform the Eonia index by 1%, with regular management and low volatility; Entheca Pérennité (ISIN: FR0010550632), a balanced international diversified fund, which may be 0% to 75% exposed to equities markets; Entheca Rareté (ISIN: FR0010567438), an international equities fund which privileges sectors with strong growth potential, which are directly or indirectly involved in combating global warming, or in managing scarce resources.
11/05/2011
Entheca Finance launches a fund dedicated to European equities
Entheca Finance on 10 May announced the launch of the FCP Entheca Top European Manager, whose creation was reported by Newsmanagers earlier this year (12 January 2011). The new fund, which is eligible for PEA tax status, is exposed to European equities via investment in OPCVM mutual fund shares (up to 100% of net assets). The fund uses an original approach, which involves selecting exclusively mutual funds from entrepreneurial and independent management firms, meaning those firms which are not majority owned affiliates of institutional financial groups. The investment strategy is the result of two observations: on equities markets, the past decade was a “lost decade” for investors in index-based management. However, it was a partticularly strong period for investors in active and diversified management, due to the contribution of small and midcaps. The Entheca Top European Manager fund will select conviction-based managers, whose stock-picking on the basis of capitalisation size (small, medium and large caps) and management style (growth, value, returns) allows them to outperform the major indices over a complete market cycle. The fund aims for higher returns than the MSCI Europe index, over a minimal investment duration of 7 years.
11/05/2011
Sustainable development assets at Deka up 82% in 2010
In the sustainable development section of its 2010 annual report, DekaBank, the central asset management firm for the German savings banks, says that total assets in its sustainable development funds, including the fund of funds DekaSelect Nachhaltigkeit, the equities fund Deka-UmweltInvest (environment) and the diversified fund Deka-Stiftungen Balance (aimed at charities), at the end of December had EUR1.2bn in assets, which represents an increase of 82% in one year.Deka has also announced that in March 2011 it officially signed the Equator Principles (which deal with project financing), and the United Nations Global Compact. The manager says that it has been internally adhering to the Equator Principles for two years already.
11/05/2011
Abu Dhabi Investment House invests in Middle East Best Select
The Abu Dhabi sovereign fund, Abu Dhabi Investment House (ADIH, USD1.5bn in assets) has bought a 50% stake in the management firm Middle East Best Select, based in Bremen, the Frankfurter Allgemeine Zeitung reports.Initially, the German investment firm will raise USD50m for a cancer treatment centre in Abu Dhabi. Other funds totalling USD1bn are planned by the end of the year, to invest in real estate and realty projects, as well as in the healthcare sector in the Gulf region. The firm also plans to acquire minority stakes in German firms, involving German technologies in the healthcare, renewable energies and agricultural sectors, in order to help countries in the Gulf region to prepare for the “post-oil” era.
11/05/2011
Swedish investors return to equity funds
After two months of net outflows, savings in equity funds sold in Sweden showed positive inflows again in April, a total of SEK 9.3 billion (about EUR1bn), according to the most recent statistics from the Swedish investment fund association Fondbolagens Förening. A good part of inflows went to funds investing in Swedish equities, which took on slightly over SEK3bn (EUR335m). Balanced funds recorded net inflows of SEK 4.2 billion (EUR469m). Bond and money market funds, however, both recorded net withdrawals during the month of SEK900m and SEK5.7bn, respectively (EUR100m and EUR637m). Overall, in April, Swedish funds posted net subscriptions of SEK7bn (EUR782m). So far in 2011, total net sales of fund amounted to SEK 14.6 billion (EUR1.6bn). As of the end of April, the Swedish fund industry had assets of SEK1.968trn (EUR220bn), of which SEK1.178trn (EUR132bn) were managed in equities funds.
11/05/2011
Royal London AM launches an ethical fund
Investment Week reports that Royal London Asset Management has launched a UK ethical fund, which will be managed by Bradley Mitchell. The UCITS III-compliant fund will invest in a concentrated portfolio of 40 to 60 positions, and will aim for annual returns 2% to 3% higher than the FTSE All-Share index. Front-end fees are 4%, and management commissions are set at 1.4% per year for a minimum investment of GBP1,000.
11/05/2011
G2AM soon to launch its first fund
FundWeb reports that Generation Asset Management (G2AM), the management firm founded about a year ago by the Geneva-based bank Generation Groupe and the Canadian firm Arrow Capital Management, is awaiting regulatory approval to launch its first fund. The new vehicle will be a UCITS-compliant fund, which will be based in Luxembourg and dedicated to emerging markets.
11/05/2011
US hedge fund launches a CTA strategy in Europe
The Florida-based hedge fund Dunn Capital Management, a CTA fund with assets under management of about USD1bn, is planning to launch a UCITS III-compliant version of its flagship fund World Monetary and Agriculture (WMA), Citywire reports. The fund may be launched as soon as 1 July. Since its launch in 1984, the WMA fund has earned annualised returns of 14.61%.
11/05/2011
US management firm to launch a UCITS III-compliant fund
Citywire reports that DUNN Capital Management, a hedge fund firm based in Florida, with USD1bn in assets under management, will launch a UCITS III-compliant version of its global money market and agriculture fund. The WMA UCITS Fund will be based on the MontLake UCITS platform from ML Capital.
11/05/2011
Hedge funds perform less well than the markets in April
The Hennessee hedge fund index gained 1.3% in April, while the S&P 500 index gained 2.9%. In the first four months of the year, the index has gained 3.8%, compared with 8.4% for the S&P 500.The Lyxor index also rose, with gains of 1.37% in April, and 2.14% since the beginning of the year.The HFRI Fund Weighted Composite index, meanwhile, gained 1.86% in April, with positive contributions from all strategies. Macro strategies were the best performers, with gains of 3.36%.
11/05/2011
Azimut acquires 50% of Compagnie de Gestion Privée Monégasque
The Italian asset manager Azimut, through its Luxembourg subsidiary AZ International Holdings sa, reached an agreement for the acquisition of a 50% stake in CGM (Compagnie de Gestion privée Monegasque sam), an independent asset management company which, also with its Italian subsidiary, holds total assets for around EUR800 million. According to the signed binding contract, Azimut will buy a total 50% stake, of which 30% from CGM’s current management (who will keep the remaining total 50%) as well as an additional 20% previously held by BSI Monaco. The consideration paid is around EUR15 million and it will be entirely constituted by treasury shares; the exact amount of these will be according the share price of Azimut Holding at the closing date, which will be after obtaining the regulatory approval. The entrance in the shareholding is the first step of a broader cooperation and partnership between CGM, (headquartered in the Principality of Monaco and characterised by services targeting UHNWI) and the Azimut Group, also in the perspective of its international expansion.