Selon le WSJ, la Securities and Exchange Commission s'inquiète que des banques aient cherché à masquer illégalement leurs risques

Les entreprises sont appelées à déclarer si elles y sont éligibles. Euronext établira une liste d'entreprises éligibles cotées sur ses marchés

Les entreprises cotées sont appelées à déclarer leur éligibilité au dispositif pour dissiper les doutes qui persistent chez les gérants en dépit du décret publié début mars. Euronext établira une liste pour les entreprises cotées sur son marché, mais exclura quatre valeurs de son indice CAC PME.

Même le président de la Bundesbank n'exclut plus le recours à un assouplissement quantitatif

Dans le numéro 1261 d’Option Finance, Olivier Hereil, directeur des gestions d’actifs de BNP Paribas Cardif, revient sur l’approche plus dynamique de son allocation d’actifs. « Par le passé, de par notre collecte nette importante sur nos contrats d’assurance-vie, nous pouvions modifier notre allocation d’actifs en effectuant de nouveaux placements, indique-t-il. Aujourd’hui, nous ne pouvons le faire qu’en modifiant les stocks existants de nos investissements. Au regard de ce contexte, notre travail de gestion a donc changé car nous avons une approche encore plus dynamique de notre allocation sur nos placements existants. » BNP Paribas Cardif montre également un intérêt particulier pour le financement de l'économie. Pour rappel, un décret publié en août dernier autorise désormais les assureurs à investir 5% de leurs encours dans les fonds de prêts directs à l'économie. « Nous détenons aujourd’hui 1% de loans au travers d’un fonds lancé par notre groupe, BNP Paribas France Crédit, ou encore via des structures de place comme les fonds Novo, détaille-t-il. A l’avenir, nous renforcerons certainement nos positions sur ce nouveau segment obligataire »

Sylvie Terris, directeur financier délégué d’Agrica Epargne lors d’un débat organisé par Newsmanagers et amLeague : Le poids des actions dans l’allocation d’Agrica Epargne est de l’ordre de 20 % à 30 %. Nous ne pratiquons pas de gestion directe en interne. Les actions émergentes ne représentent que 3 % de l’allocation et s’affichent encore en nette plus-value. La nature d’investisseur de long terme d’Agrica Epargne ne la conduit pas à arbitrer à partir de périodes d’observations courtes. Nous ne pratiquons pas de rotation de gérants de la sorte, a-t-elle indiqué, en rappelant que la sélection de gérants était le fruit d’une due diligence de trois à cinq ans et conduisait la maison à conserver ses gérants généralement durant trois ans. Par ailleurs, le rétablissement des marchés d’actions réalisé en février l’a confortée dans cette stratégie. Sylvie Terris a expliqué que sa maison ne se portait pas vers les gérants quantitatifs en dépit de leurs bonnes performances depuis plusieurs mois, voire un an pour certains comme Theam (BNP Paribas IP). Mais la responsable n’a pas voulu se fermer de portes et a laissé entendre que le comportement de ces gérants allait sans doute la conduire à revoir cette politique.

Les actionnaires du gestionnaire d’actifs britannique F&C ont massivement (à 99,6%) soutenu l’offre de rachat de 708 millions de livres (848 millions d’euros) formulée initialement en janvier par Bank of Montreal, écartant ainsi l’hypothèse d’une éventuelle contre-offre. Le principal actionnaire de F&C Asset Management, Aviva, avait déjà apporté son soutien au projet, le deuxième actionnaire, Standard Life, se montrant plus mitigé.

Le président de la Bundesbank Jens Weidmann a souligné mardi que des taux négatifs pouvaient être un moyen efficace de contrer le taux de change élevé de l’euro. Le banquier central a par ailleurs souligné qu’un programme d’assouplissement quantitatif n'était «pas hors de question», mais qu’il fallait en évaluer strictement la légalité et les rapports coûts/bénéfices. «Nous devons nous assurer que l’interdiction du financement des Etats est respectée (...). Acheter non seulement des obligations périphériques mais aussi des emprunts allemands ou français ne règle pas automatiquement le problème de la monétisation des déficits», a précisé Jens Weidmann.

La fragile hausse de la production de nouveaux crédits à la consommation par les établissements spécialisés se poursuit en février 2014 , avec une progression de 1,1% par rapport à février 2013 (lui-même en recul marqué) après déjà +1,1% en janvier. «On observe un timide retour en territoire positif en ce début d’année, avec une croissance de la production de +2,5% en moyenne sur les trois derniers mois», note l’ASF, l’Association française des sociétés financières.

L’indicateur Ifo du climat des affaires outre-Rhin, basé sur une enquête mensuelle auprès de 7.000 entreprises, a reculé à 110,7 en mars contre 111,3 confirmé pour le mois de février, lorsqu’il avait atteint son plus haut niveau en deux ans et demi. Le consensus Reuters des économistes était en recul légèrement moins marqué pour le mois en cours, à 111 points. La baisse est attribuée à la crise en Ukraine et aux tensions avec la Russie.

Afin que le PEA-PME puisse monter en charge dans les toutes prochaines semaines, Pierre Moscovici a appelé mardi dans un communiqué les «émetteurs cotés à signaler publiquement leur éligibilité au dispositif. Les PME et ETI cotées sur Euronext et Alternext pourront déclarer leur éligibilité à l’entreprise de marché, qui mettra à disposition des gestionnaires de plan une liste de ces sociétés». Après la parution du décret qui définit les critères d'éligibilité au nouveau plan d'épargne en actions, les acteurs de la Place ont soulevé des difficultés pour s’assurer rapidement de l’éligibilité au PEA-PME des sociétés cotées, en l’absence d’informations publiques concernant leur actionnariat non coté. Bercy précise par ailleurs que «l’éligibilité d’une entreprise ne s’apprécie qu’une seule fois dans l’année et non à tout moment».

La sicav de droit luxembourgeois de BNP Paribas Investment Partners fait peau neuve en étoffant son offre et en faisant bénéficier ses investisseurs et ses promoteurs de nouveaux services d’accompagnement. Parvest, dont les encours gérés atteignent 35 milliards d’euros, «présente désormais 106 compartiments après avoir enregistré ou regroupé pas moins de 54 nouveaux fonds entre l’année dernière et cette année», indique mardi Newsmanagers. BNP Paribas Investment Partners compte mettre en avant la notoriété de sa Sicav alors que Philippe Marchessaux, l’administrateur directeur général de BNPP IP, déplorait récemment dans un entretien au FT le déficit d’image du groupe.

P { margin-bottom: 0.08in; } BlackRock appears to be the asset mangement firm with the most to lose out of Swedish pension fund reforms, Financial Times fund management estimates. As of 31 December, the AP3 fund (USD40.2bn in assets) was using the US asset management firm for seven out of nine discretionary mandates, totalling USD6.1bn. AP4 (USD40.5bn) has invested USD856.1m in four funds from BlackRock in late 2012. The newspaper reviews mandates for other funds and notes that Tobam has USD233.5bn in assets under management for the AP1 fund.

P { margin-bottom: 0.08in; } Dutch pension funds may be required to call in foreign administrators in the next few years, according to sector specialists. During a government seminar held by F&C, Maas Simon, a partner at the consulting firm Xudoo, estimated the number of vacant positions on boards of directors at pension funds in the next three years at 500 to 600, due to an ageing population of directors, as well as increasingly strict regulatory requirements, IPE reports.

P { margin-bottom: 0.08in; } The Australian financial group Macquarie is reportedly in the process of selling its affiliate Macquarie Investment Management Private Markets to its management, Les Echos reports. At the conclusion of the operation, the fund of fund activity, which has USD5bn in assets under management in the Asia-Pacific region, would be renamed as ROCEquity Partners. The recentering which Macquarie is engaging in comes as part of the same strategy as recent sales carried out by Credit Suisse and Citi to comply with the Volcker Rule.

Europe faces a crisis of financial literacy, with millions of its people struggling to cope with even basic concepts of savings and investment. These are the findings of a new report from the European Fund and Asset Management Association (EFAMA), entitled Building Blocks for Industry Driven Investor Education Initiatives, launched in Brussels on Monday. The 160 pages-report confirms widespread ignorance of financial matters, with consumers baffled by concepts such as interest rates and inflation. “Financial illiteracy is both widespread and particularly severe among specific demographic groups. Low levels of financial literacy are not specific to a given country or stage of economic development. They are found everywhere,” said Professor Annamaria Lusardi, of The George Washington School of Business.Research found that asked the impact of a two per cent interest rate on a deposit of EUR100, those giving the correct answer of EUR102 ranged in Europe from more than 85 per cent in some countries to less than 40 per cent in others. The best-performing nations were the Netherlands, with 84.8 per cent giving the correct answer, Germany, with 82.4 per cent answering correctly, and Switzerland, where 79.3 per cent gave the correct answer.The report also highlights the importance of developing partnerships between governments, the financial industry, European institutions and the media in order to promote financial education in an effective manner. The report also confirms the key role that the industry can play in enhancing the quality of financial training of staff and financial intermediaries to help them enable potential investors to make better-informed investment decisions. Finally, the review encompasses concrete initiatives undertaken by professional associations and investment managers to promote financial education.

P { margin-bottom: 0.08in; } The asset management firm Lion Global Investors, which belongs to the banking group PCBC, based in Singapore, has recruited Saurabh Sinha, who will join the team as head of Asian equities, Citywire Asia reports. He replaces D R Rao, manager of the Lion Global India SGD fud. The Indian and Asian equity specialist previously worked at Lombard Odier in Hong Kong, where he had been an equity portfolio manager for South-East Asian countries. Assets under management at Lion Gloal as of the end of 2013 totalled USD24.4bn.

P { margin-bottom: 0.08in; } Year after year, the hedge fund sector in the United Kingdom is becoming increasingly concentrated. According to a study published by the Financial Conduct Authority (FCA), the British regulator, the 20 largest companies now control 82% of assets under management, and 94% of gross exposure to market risk. “The study illustrates the extent to which this USD2.6trn industry is important in the United Kingdom,” says Clive Adamson, director of supervision at the FCA. “With nearly 20% in overall assets under management in the country, it is important for people to have confidence in the way we can regulate this market. The challenge for us is to ensure that this market operates at the highest standards of integrity in order for London to be able to maintain its position in this important global market.” Nearly USD470bn are managed by hedge funds in the United Kingdom, with 450 companies registered with the FCA. The study is based on data from September 2013 from 49 companies, with USD481bn in assets under management worldwide, including USD206bn in the United Kingdom, and 106 funds which have USD345bn in assets under management. In the United Kingdom, the industry has grown speedily in the past decade. Although they represented 10% of global assets under management in hedge funds at the beginning of the 2000s, funds managed in the United Kingdom by these hedge funds now represent 18% to 19% of global assets (USD2.63trn). Meanwhile, the study points out that since the financial crisis, institutional investments have become the main source of new money for hedge fund vehicles. They represent 42% of total investment, well ahead of funds of funds (21%) and family offies and high net worth clients (13%). Between September 2010 and September 2013, the proportion of funds of funds fell from 29% to 21%. The study finds that hedge funds have increased their leverage in order to increase their market share and profits. Collectively, British funds have raised a gross total which represents 64 times assets under management, compared with 54 times their assets in March 2013. According to the FCA, of this total leverage, 98% is made using derivatives to gain market exposure.

P { margin-bottom: 0.08in; } BlackRock has produced a detailed report on the impact for investors of potential Scottish independence, Financial Times fund management reports, having obtained a copy of the document. The US asset management firm, which employs 550 people in Edinburgh, predicts that Scottish independence would create “major uncertainty, costs, and risks” for companies and funds based in the region and the rest of the United Kingdom.

P { margin-bottom: 0.08in; } Assets under management at Martin Currie last year rose 26% to a total of nearly USD10bn, according to Hedge Fund Intelligence. This development is largely due to an increase in assets under management in the alternative sector, to USD2.5bn as of the beginning of 2014. Of this total, hedge funds represent USD1bn, compared with barely USD250m one year previously.

P { margin-bottom: 0.08in; } Assets under management at Miton have risen from GBP1.8bn as of the end of 2012 to GBP3.1bn as of the end of 2013, due to the acquisition of Psigma Asset Management, according to annual results released on 24 March. The acquisition of Psigma represented GBP749m in new assets, at a time when net inflows in the strict sense last year totalled GBP351m. Acquisition costs reduced pre-tax profits by 22%, or GBP700,000.

AXA Real Estate Investment Managers on March 24 announced that the Tokyo Office Property Fund (TOP) has completed the acquisition of Kojimachi, a high quality 2,565 sqm office building situated in central Tokyo’s Chiyoda district, and Harajuku, a prime 3,486 sqm office building located in the Shibuya district of central Tokyo for a total consideration of EUR36 million (¥5.1 billion).These acquisitions are co-investments between TOP and Tokyo Office Real Estate Investment Fund (TOREIF), a fund managed by Sumitomo Mitsui Trust Real Estate Investment Management Co. Ltd. Both funds were launched in August 2012. On completion of these transactions, the TOP is now 80% invested and its total assets under management has increased to over EUR106 million (¥15 billion).

P { margin-bottom: 0.08in; } The wealth management firm Gottex Fund Management, a specialist in alternative management, has reduced its losses in 2013. Net profits after minority shareholders were negative to the tune of USD9.7m, after a loss of USD7.6m in 2012, according to a statement released on 24 March. Operating profits were also down sharply, with a loss of USD9.8n (-USD5.1bn in 2012), the firm, domiciled in Guernsey and listed on SIX, states. Shareholders are once again expected to forego dividends. Results for the last fiscal year, as in 2012, were heavily impacted by one-time costs related to acquisitions, a statement says. In 2014, they totalled USD6.1m. Before one-time costs, losses totalled USD2.3m. Assets under management (USD7.1bn) and advised as of the end of 2013 totalled USD8.08bn, up 16% compared with the end of 2012.

P { margin-bottom: 0.08in; } Assets under management at J. Safra Sarain totalled CHF131.4bn as of 31 December 2013, compared with CHF129.6bn as of the end of December 2012, the group says in its annual report released on 24 March. Consolidated net profits for the period were up to CHF180.5m, compared with CHF171m for 2012. Assets under management at the Safra roup, which includes J. Safra Sarasin Holding and its affiliates, Banco Safra and Safra National Bank of New York, as of the end of December 2013 totalled USD205bn.

P { margin-bottom: 0.08in; } UBS Global Asset Management (UBS GAM) is extending its product range for Spanish investors. The Swiss asset management firm has opened subscriptions to two new funds which will invest in high yield emerging market debt, Funds People reports. The two products concerned, which are set to mature in 2018, are the UBS Emerging Markets High Yield Bonds 2018 EUR and UBS Emerging Markets High Yield Bonds 2018 USD. Depending on the fund selected, the investor may decide to invest in US dollars or with this currency hedged in euros. The two funds will invest as a top priority in high yield bonds issued by emerging market governments or corporates. The estimated returns for the vehicle are 5.84% (without excluding commissions or potential defaults). The subscription period began on 24 March and will end on 4 April, from which date the funds will be closed to all new subscriptions.

P { margin-bottom: 0.08in; } The Chinese asset management association (AMAC) has awarded registration certificates to 50 alternative asset management firms located in China, as part of a new regulatory regime, which will allow them to operate similarly to their counterparts in Hong Kong and elsewhere in the world, Hedge Fund Intelligence reports. Asset management firms approved by the professional association can now manage their own funds directly and sell them to qualified institutional investors and high net worth clients, rather than confiding them to trusts. The list approved by AMAC includes 33 managers of private funds, and 17 managers active in venture capital and private equity. Among the firms which have obtained this valuable status are Shanghai Chongyang Asset Management, Greenwoods Asset Management, PingAn Russell Investment Management, Pegasus Investment Management (Shanghai) and the private equity firms CDH Investment Management (Tianjin) and Sequoia Capital Equity Investment Management (Tianjin). AMAC, which is responsible for overseeing the alternative asset management sector in China, on 7 February opened an electronic trading platform which allows candidates to submit a registration application. More than 1,000 companies are reported to have applied since that date.

P { margin-bottom: 0.08in; } After a trial of more than five months, five former employees of Bernard Madoff were yesterday found guilty by a federal jury of contributing to a vast system of fraud constructed by US fraudster Bernard Madoff, who is serving a 150-year prison sentence, Agefi reports. The individuals concerned are the former director of the back office, Daniel Bonventure, the portfolio managers Annette Bongiorno and Joann Crupi, and the IT developers Jerome O’Hara and George Perez.

P { margin-bottom: 0.08in; } La Française AM is adding to its product range, with the creation of LFP France PME, which is eligible for the French PEA PME programme, and LFP PEA Flex, a flexible fund of funds, which is diversified and global under open architecture. The two new solutions come as additions to the existing PEA range, and extend the investment opportunities under an optimised tax regime. The launch of the LFP France PME fund of French equities comes as part of the global programme launched by the French government to support the development of French small businesses and start-ups. These businesses are the drivers of the economy as contributors to growth and creators of jobs. LFP France PME provides a way to invest in French SMBs with strong potential for growth over a recommended investment duration of over 8 years. The other strategy, LPF PEA Flex, is presented as an intermediate risk offering eligible for PEA. The fund of funds unites flexible allocation, multi-asset class diversification, global geographical coverage and selection in open architecture. LFP PEA Flex aims to optimise its performance after taxes over a recommended investment horizon of 3 years, while generating target ex-post volatility of 15% excluding exceptional market circumstances, and modulating exposure to equity markets between 0% and 100%.

P { margin-bottom: 0.08in; } After four years out in the cold, Greece and Portugal are returning to the foreground of the financial scene. Investors seeking returns are flooding to equities from the two countries, whose fundamentals are improving, the news agency Reuters reports. The Greek and Portuguese market indices, the ATG and Portugal PSI 220 indices, are up by about 14% since the beginning of the year, while the Stoxx Europe 600 is near its levels at the beginning of the year. According to figures from Thomson Reuters Lipper, funds investing in Portuguese equities posted net inflows of EUR30bn in January, nearly as much as in all of 2013, and after constant redemptions in the three previous years. Assets in these funds, however, total only EUR381bn, only one quarter of the levels achieved in 2007. Despite the rebound observed recently, Greek and Portuguese equities, on the basis of the value of their assets, were still trading at a marked discount compared with equities from other European markets.

P { margin-bottom: 0.08in; } BNY Mellon Asset Management is forging an association with Tobam, according to two investment bankers cited by Financial News, in an article about consolidation in the asset management industry. The British newspaper observes that several asset management firms, including Amundi, Robeco, La Française and Henderson, are seeking acquisitions. On the other side, an older generation of managers who created their companies in the 1980s and 1990s, are seeking to sell while the markets remain healthy. Bankers estimate that sale prices are about 13 to 14 times EBITDA, their highest level since 2007.