L’incertitude se transmet peu à peu à la microéconomie
Comme le mois dernier, les analystes financiers sont de plus en plus nombreux à réviser en baisse leurs anticipations de résultats pour l’année 2011
Le mur de refinancement pénalise les CMBS européens
Sur les 42 prêts arrivés à échéance en avril et suivis par Fitch, seuls 18 ont été remboursés à temps ou par anticipation
Les gestionnaires grecs s’inquiètent des effets d’une restructuration de la dette
Si elle avait lieu rapidement, elle aurait des effets « dévastateurs » sur le pays, d’après l’association locale des sociétés de gestion
Le soutien aux plans portugais et grec devient de plus en plus délicat
Les ministres des Finances européens pourraient évoquer les 16 et 17 mai une participation des investisseurs privés à un rééchelonnement
La reprise des fonds monétaires soutient le marché des OPCVM français
La classe d’actifs a collecté 3 milliards d’euros en avril, permettant aux OPCVM d’enregistrer une collecte de 2,9 milliards le mois passé
Le CME tente de freiner les ardeurs du marché pétrolier
La maison mère du Nymex et du CBoT a relevé de 25% à 31% les marges initiales et de maintenance sur toute une gamme de futures sur produits pétroliers
Les plans grec et portugais fragilisés
La pression s’accroît en faveur d’une mise à contribution des investisseurs privés aux plans de sauvetage grec, sur la base du volontariat, et même portugais. Le sujet pourrait être abordé lors de la réunion des ministres des Finances européens lundi et mardi prochain à Bruxelles.
BlueGold perd 500 millions de dollars dans la tourmente
Le fonds alternatif londonien BlueGold Capital Management aurait selon le quotidien perdu environ 20% de ses actifs ce mois-ci du fait de la décrue des prix pétroliers. Son patron de la gestion Pierre Andurand a confié au quotidien qu’il conservait un sentiment très positif envers l’or noir, misant sur un prix à 180 dollars au cours des prochaines années.
Avis de tempête chez Foncia
Le comité de direction de l’administration de biens lundi se serait «très mal passé». Les principaux présidents de régions seraient «très mécontents» du choix de l’actionnaire BPCE. Ils se plaignent de l’«opacité» et du «manque d’assurance à leur égard» du projet présenté par Bridgepoint et Eurazeo et auraient décidé de ne pas entré au capital de l’entité contrairement à ce qui avait été prévu.
La Grèce emprunte 1,6 milliard sur fond d'interrogations sur un nouveau plan d’aide
La Grèce a emprunté mardi 1,625 milliard d’euros à six mois, à un taux de 4,88%, en légère hausse par rapport à celui qu’elle avait obtenu lors de la dernière émission similaire d’obligations le 8 mars, a annoncé l’agence de la dette publique (PDMA). L'émission a été sursouscrite plus de trois fois avec une demande totale de 4,474 milliard d’euros pour une offre de départ de 1,250 milliard d’euros, a indiqué l’agence. Cette émission survient alors que des rumeurs vont bon train à propos d’un nouveau plan de près de 60 milliards d’euros qui serait en discussion. Propos démenti par des sources grecque et européenne de haut rang. Citant un haut responsable gouvernemental grec, l’agence Dow Jones a rapporté qu’Athènes s’attendait à recevoir une deuxième plan d’aide pour couvrir des besoins de financement supplémentaires évalués à 27 milliards d’euros pour 2012 et à 32 milliards pour 2013. Cette information a dopé les valeurs européennes qui se sont retournées à la hausse en matinée. Les taux des emprunts de la Grèce ont eux reculé en séance, le rendement du papier grec à 5 ans reculant de plus de 30 points de base (pdb) à 21,45%. L’euro a accentué ses pertes face au dollar après le démenti en provenance d’Athènes, et cédait 0,12% en matinée, autour de 1,4360 dollar.
L'excédent commercial chinois supérieur aux attentes en avril
La Chine a enregistré en avril son plus fort excédent commercial depuis quatre mois, après qu’elle avait connu au premier trimestre le premier déficit trimestriel de sa balance commerciale depuis 2004. L’excédent est ressorti à 11,4 milliards de dollars le mois dernier, soit quasiment quatre fois plus qu’attendu. Les exportations ont grimpé de 29,9% par rapport à avril 2010, une progression supérieure aux attentes, pour s'établir à 155,7 milliards de dollars, tandis que les importations ont augmenté de 21,8%, soit moins qu’attendu.
10/05/2011
Armistice entre Elliott Advisors et National Express
Faute d’avoir obtenu l’appui de la famille espagnole Cosmen, qui détient 17,2 % de National Express, le gestionnaire alternatif américain Elliott Advisors, qui possède 17,4 % de la société de transports britannique, a renoncé à faire élire trois de ses candidats au board lors de l’assemblée générale de ce 10 mai, rapporte Expansión. Finalement, Elliott ne présentera que Chris Muntwyler (ancien patron de DHL au Royaume-Uni) comme administrateur indépendant et renonce à critiquer pendant un an la stratégie de National Express. En d’autres termes, le hedge fund accepte que National Express ne vende pas sa filiale espagnole Alsa aux Cosmen.
MAM Funds recrute chez Collins Stewart
Le responsable des petites et moyennes capitalisations britanniques chez Collins Stewart, Martin Stewart, quitte la société pour rejoindre MAM Funds, rapporte Money Marketing.Chez MAM Funds, Martin Stewart devrait cogérer avec Gervais Williams un fonds similaire de petites et moyennes valeurs britanniques.
10/05/2011
Mitchell Harris devient président de la division "investment management" de BNY Mellon
Le 9 mai, BNY Mellon a annoncé la création du nouveau poste de président de sa division «investment management», le pôle qui coiffe la gestion d’actifs et la gestion de fortune. Cette responsabilité est confiée à Mitchell Harris, qui a assuré l’intérim à la tête des activités de gestion d’actifs et qui est parallèlement nommé membre du comité exécutif. Tout comme Larry Hughes, le CEO de la gestion de fortune avec lequel il travaillera en étroite coopération, il est subordonné à Curtis Arledge, vice chairman de BNY Mellon et CEO de la division investment management.Mitchell Harris conservera ses fonctions de directeur général du groupe obligataire, monétaire et devises de BNY Mellon Asset Management, qui gère plus de 500 milliards de dollars, en comptant les filiales Pareto, Standish Mellon AM et Alcentra ainsi que BNY Mellon Cash Investment Strategies (division de The Dreyfus Corporation). Par le passé, l’intéressé a aussi été CEO de Pareto et de Standish, sociétés dont il demeure chairman.
IndexIQ lance un ETF sur les petites capitalisations pétrolières
Le gestionnaire américain IndexIQ annonce le lancement sur la plate-forme NYSE Arca de son ETF sur les valeurs pétrolières, le IQ Global Oil Small Cap ETF, chargé à 0,75 %. Ce produit propose une exposition à des petites capitalisations du monde entier dans les domaines de l’exploration, la production, l'équipement, ou encore les services et le marketing pétrolier. L’ETF réplique avant frais la performance de l’indice IQ Global Oil Small Cap.
10/05/2011
Natixis Global Associates releases its Euro High Income fund in Germany
BaFin has awarded a license to Natixis Global Associates, a distribution affiliate of Natixis Global Asset Management, to release the Natixis Euro High Income Fund (ISIN: LU0556616935), a sub-fund of the Luxembourg Sicav Natixis International Funds, in Germany. The fund was launched more than a month ago in France (see Newsmanagers of 1 April).
10/05/2011
Heavy outflows from German open-ended funds in first quarter
In first quarter 2011, net subscriptions for member firms of the BVI association of German management firms totalled EUR9.37bn, compared with EUR31.6bn in the corresponding period of last year. Although institutional funds (Spezialfonds) show net inflows of EUR14.36bn, compared with EUR14.76bn in January-March 2010, open-ended funds have seen net redemptions of EUR4.63bn (compared with net subscriptions of EUR10.71bn), of which EUR3.36bn were in March.
10/05/2011
Outflows from Italian funds in April
In April, funds on sale in Italy saw net redemptions of EUR2.16bn, according to the most recent statistics from Assogestioni (the Italian association of asset managers). Outflows were driven by bond and money market funds, which categories saw outflows of more than EUR1bn each. Flexible funds and hedge funds are also in the red, to the tune of EUR100m and EUR258m, respectively. Only equities funds and balanced funds show a positive flow, with net inflows of EUR411m and EUR48m, respectively. As of the end of April, assets in funds on sale in Italy totalled EUR448bn, down slightly compared with March. The asset management firms which saw the largest net subscriptions in April are Mediolanum (+EUR166.6m), JPMorgan Asset Management (+EUR76.7m), and Azimut (EUR61.8m). At the other extreme, the companies which had the largest net outflows were Pioneer (-EUR837.1m), Gruppo Intesa Sanpaolo (-EUR374.7m), and BNP Paribas (-EUR341m).
10/05/2011
IndexIQ launches an ETF of oil industry small caps
The US management firm IndexIQ has announced the launch of an ETF of oil industry small caps on the NYSE Arca platform. Entitled IQ Global Oil Small Cap ETF, with fees of 0.75%. The product offers exposure to global small caps in the areas of exploration, production, equipment, and oil industry marketing services. The ETF replicates the performance of the IQ Global Oil Small Cap index, before fees.
10/05/2011
Amundi ETF lists 16 ETFs on the London stock exchange
Amundi ETF on Monday, 9 May annouced that it is extending its range of products on the British market to include 16 new ETFs on the London stock exchange (LSE). In total, 50 ETFs will be added to the LSE in the next three months, a statement says. Seven products from the first sortie are now available on the LSE. They include the Amundi ETF MSCI Nordic, Amundi ETF MSCI France, Amundi ETF MSCI Germany, Amundi ETF MSCI ItalyAmundi ETF MSCI Netherlands, Amundi ETF MSCI Spain, and Amundi ETF MSCI Switzerland. Details of the ETF funds may be found at the following address: http://public.adequatesystems.com/pub/attachment/117693/021632923196177…
10/05/2011
HSBC lists two more ETFs in Paris
NYSE Euronext on 9 May announced that it has listed two more ETFs from HSBC on the Paris exchange. The Irish-registered products were launched on 8 and 10 December, respectively, on the London Stock Exchange, and have since also been released on the Swiss market. The funds are the HSBC MSCI Turkey ETF (IE00N5BRQ873), which charges fees of 0.60%, and the HSBC MSCI World ETF (IE00B4X9L533), which charges 0.35%. The European platforms from NYSE Euronext include a total of 647 listings of 555 ETF funds, which replicate more than 360 indices. Since the beginning of the year, ETF listings on markets of the stock market business gained 106 listings, corresponding to 80 ETFs.
10/05/2011
OFI AM launches an emerging markets debt fund
OFI AM on Monday, 9 May announced the launch of OFI Global Emerging Debt, a new sub-fund of its UCITS III-compliant Luxembourg Sicav “Single Select Platform.” The sub-fund in question, created in late December 2010, has recently received a sales license for France, with assets under management of EUR51m, as of 30 April 2011.In terms of management, the sub-fund invests at least two thirds of its assets in government bonds from emerging markets, and up to one third in bonds from private issuers, most of which are rated investment grade. It is also in local currencies and “strong” currencies, depending on the anticipations of the management team, with a risk exposure that may go as high as 100% of assets, with discretionary hedging. The management of the fund is based on analysis of returns and risk factors inherent in emerging debt markets. This analysis leads to an allocation to assets which offer the best risk/return tradeoff, while also ensuring good diversification, a statement says.The managers are aiming for returns higher than the benchmark, which is composed 80% of the JPMorgan GBIEM Global fund (in unhedged euros), and 20% of the JPMorgan Euro EMBI index, over a 3-year period.The sub-fund is the second from the Single Select Platform Luxembourg Sicav, which has assets of EUR365m.CharacteristicsISIN code: LU0574846324Front-end fee: 1% TER maximum Management fees: 0.90% TER maximumPerformance commission: 15% of performance exceeding the benchmark indexBenchmark index: 80% JPMorgan GBIEM Global (unhedged) + 20% JPMorgan Euro EMBICurrency: euroValuation: Daily
10/05/2011
Subscriptions/redemptions: All major German fund managers in negative territory for January-March
Open-ended securities funds in first quarter 2011 saw net redemptions of EUR4.93bn, the German BVI association of management firms reports. Among the major firms, Deka and Allianz Global Investors saw net redemptions of EUR2.85bn and EUR2.33bn, while net redemptions totalled EUR454.3m for Union Investment, and EUR286.7m for DWS/DB Advisors/DB Gruppe.Excepting ETFlab (Deka), which saw net outflows of EUR439.5m, ETF specialists continued to post net inflows, with the largest flows going to BlackRock (iShares), which took on nearly EUR1.18bn. At db x-trackers (Deutsche Bank), net subscriptions totalled EUR310m, while for ComStage (Commerzbank), inflows totalled EUR139.3m.
10/05/2011
BlackRock puts its healthcare fund range under a single command
“In order to strengthen its product offerings in the area of health sciences,” BlackRock has decided to place its range of healthcare funds in the hands of a single team. Effective from 29 April, Erin Xie and Thomas Callan will become co-managers of the BGF World Healthscience Fund, which was previously managed by Bob Hodgson. The objective and benchmark index for the fund will not change. The new managers will have the support of a dedicated team of healthcare analysts within the larger global opportunities at BlackRock. Xie, managing director and portfolio manager, belongs to this global opportunities team; she is the main portfolio manager for the health sector, product manager for health sciences equities, and a member of the team’s investment strategy group. She joined State Street Research & Management (SSRM) in 2001; the firm was later taken over by BlackRock in 2005. Callan, managing director, joined the global opportunities team in 1996, and is now its director and architect of the investment process. He is also head of the investment strategy group, and supervises portfolio and risk management for all products managed by the team.
10/05/2011
Legal & General awards a GBP25bn mandate to Northern Trust
The British firm Northern Trust on 5 May announced that it has won a mandate for custody services from Legal & General Investments Unit Trust, for assets of about GBP25bn.
10/05/2011
Large inflows for HSBC Trinkaus
Olaf Huth, a board member at HSBC Trinnkaus & Burkhardt, has told the Börsen-Zeitung that net inflows continued in the first four months of 2011, at the same pace as in 2010. These inflows are now the only factor contributing to increase asset levels, as market effects have completely flattened out. The private bank last year posted a record increase (of EUR3bn) in its assets under management, to a total of EUR22bn, half of which was due to net inflows, and half to performance.
10/05/2011
UCITS funds from Man Group move to daily liquidity
Man Group on 9 May announced that its UCITS format fund range now offers daily liquidity. The funds affected, Man AHL, Trend and Man AHL Diversity, which allow retail investors access to the flagship strategy AHL Diversified PLC, were originally launched with weekly liquidity. The funds have attracted more than USD750m since their launch in July 2009.
10/05/2011
USD15.7bn in inflows for hedge funds in March
According to estimates by BarclayHedge and TrimTabs, the hedge fund sector in March attracted USD15.7bn in inflows. Assets in the sector reached USD1.8trn, a level not seen since October 2008.CTA strategies attracted USD6bn, while funds of hedge funds took on USD3.4bn. Continuing a trend observed in previous months, funds dedicated to emerging markets earned inflows of USD3.4bn, while bond funds attracted USD3.3bn. The latter two strategies have accounted for about 50% of inflows to the sector since the beginning of the year.
10/05/2011
Skandia awards a management mandate to Tiburn Partners
Skandia Investment Group (SIG) has awarded a GBP20m mandate in its Skandia Global Best Ideas Fund to Mark Fleming at Tiburon Partners, a specialist Asian fund management firm. Fleming’s appointment to the fund sees him taking over the mandate from Peter Sartori from Treasury Asia.The Skandia Global Best Ideas Fund is managed by Lee Freeman-Shor, Francois Zagame and Ryan Hughes.
10/05/2011
All change for commodities funds
In the week ending on 4 May, at a time when macroeconomic data were showing a marked slowdown in growth in first quarter, commodities and energy sector funds saw a major exodus of investors, according to the most recent statistics from EPFR Global. Despite this deterioration in outlooks, equities funds absorbed USD3.7bn, of which USD1.2bn went to emerging markets equities funds, while bond funds in the same period attracted USD4bn. The most recent statistics confirm that investors have currently lost interest in the BRIC theme, with net redemptions in 16 of the past 18 weeks, and a cumulative outflow of over USD2.4bn. For US equities, ETFs, particularly those dedicated to large caps, represented more than 95% of inflows, as engagements from institutionals largely offset redemptions to retail investors. Since the beginning of the year, net inflows to US equities funds total over USD35bn, compared with slightly less than USD19bn in the corresponding period of 2010.