L'accueil réservé à Piraeus Bank sur le marché primaire avec une émission de 500 millions d'euros à 3 ans suscite les espoirs de l'Etat grec

La société d’investissement souscrit une augmentation de capital de 285 millions d’euros pour s’octroyer 10% de l’enseigne

En confirmant la légalité du MES, la cour de Karlsruhe renforce la légitimité d'un éventuel recours à des outils monétaires non conventionnels

Les assureurs mutualistes souhaitent notamment qu'un président de conseil d'administration puisse être considéré comme un dirigeant effectif

Même si les grandes entreprises ne sont pas considérées comme des institutionnels, elles disposent à la fois de liquidités parfois importantes à manier, et doivent également gérer des actifs en face des passifs sociaux. C’est notamment le cas d’Areva dont la provision constituée pour le passif social est de l’ordre du milliard d’euros. Pierre Fourrier, directeur des opérations de financement et de la trésorerie du groupe, détaille sa gestion dans le dernier numéro d’Option Finance (n°1261). « En face des passifs sociaux, nous avons constitué une provision qui est investie dans une optique de moyen terme à un horizon de cinq ans, précise-t-il. Nous avons sélectionné essentiellement des produits de taux relativement sécurisés et avec une maturité moyenne en adéquation avec la duration de ces passifs. » Rappelons qu’Areva est un investisseur de long terme qui doit constituer une provision de 6 milliards d’euros (avec un horizon qui court sur 20 ans) pour démantèlement des sites nucléaires. « Dans le cadre de ces provisions, nous pouvons véritablement investir à long terme avec une optique contra-cyclique, détaille-t-il. Notre allocation stratégique long terme contient 40% d’actions et 60% d’obligations. Nous avons la capacité de dévier de façon significative par rapport à cette allocation. » Les actions ne sont ainsi pas épargnées, bien au contraire. « Depuis trois ans, nous sommes surpondérés sur les actions qui représentent 45% de notre allocation et sous-pondérés en obligations qui ressortent à 55% de notre allocation, évoque-t-il. Par ailleurs, nous avons également fait le pari de réduire la duration de notre portefeuille par rapport à notre horizon, qui est donc inférieur à 20 ans. » Aviva est principalement exposée aux actions européennes et en matière obligataire, seule les émissions en euros sont retenues. La partie souveraine et assimilés représente actuellement environs 70% de la poche obligataire. Les équipes ne se limitent pas aux seules meilleures signatures. « Nous avons retenu parmi les pays périphériques ceux qui représentent un poids conséquent en Europe, soit essentiellement l’Italie et l’Espagne dans une optique de performance », conclut Pierre Fourrier.

Orion Capital Managers et AEW Europe, le gestionnaire d’actifs immobiliers de Natixis AM, auraient été sélectionnés dans le sprint final pour le contrôle de la deuxième foncière cotée espagnole Realia, indique Bloomberg. Bankia et le groupe de construction FCC ont mis en vente leurs participations respectives de 25% et 36,9% dans la société. Realia vaut 332 millions d’euros en Bourse et affiche une dette nette de 2,1 milliards pour un patrimoine de 3,38 milliards à fin 2013. La société a accumulé les pertes ces dernières années en raison de l'éclatement de la bulle immobilière en Espagne. Mais elle contrôle aussi un actif de choix en France, la foncière SIIC de Paris. Goldman Sachs mène le processus de vente.

L’assureur britannique Friends Life a annoncé mardi qu’il ne renouvellera pas le mandat de gestion de 14,5 milliards de livres confié à F&C Asset Management. Sur ce total, 2,3 milliards seront internalisés et 12,2 milliards (actions et multi-classes d’actifs) seront confiés à Schroders à la fin de l’année. Pour F&C, coté en Bourse et qui fait l’objet d’une offre de rachat de la part de BMO Financial Group, le contrat Friends Life représentait 17% de ses 82 milliards de livres d’actifs gérés à fin 2013. Le choix de l’assureur n’est pas lié à l’offre de rachat en cours.

Alors que Mark Carney, son gouverneur, doit dévoiler ce soir la réorganisation de la Banque d’Angleterre, celle-ci a annoncé la nomination, mardi, de deux nouveaux gouverneurs adjoints. Ben Broadbent, ex-économiste chez Goldman Sachs et déjà membre du comité de politique monétaire (MPC) de la banque centrale, remplacera Charlie Bean comme gouverneur adjoint en charge de la politique monétaire à compter du 1er juillet. Nemat Shafik, elle, quittera son poste de directrice générale adjointe du Fonds monétaire international pour se charger des marchés et de l’activité bancaire à la BoE. Elle prendra ses nouvelles fonctions le 1er août et deviendra la première femme membre du MPC depuis 2010. Les deux gouverneurs adjoints sont nommés pour cinq ans.

Le lancement de nouveaux fonds d’arbitrage s’est encore ralenti en 2013 pour atteindre son plus faible niveau depuis 3 ans, bien que les encours gérés par l’industrie aient atteint un record à 2.620 milliards de dollars en fin d’année. L’an dernier, 1.060 hedge funds ont été créés, contre 1.108 et 1.113 lors des deux exercices précédents, selon un rapport de Hedge Fund Research publié mardi. Les lancements ont concerné en priorité les fonds actions (428) suivis des fonds macro (256).

Eric Schneiderman, attorney general de l’Etat de New York, veut que les Bourses américaines et les plates-formes alternatives limitent les avantages qu’elles confèrent au trading à haute fréquence. «Au lieu d’endiguer les pires menaces posées par les traders haute fréquence, nos marchés, tels qu’ils sont structurés aujourd’hui, cherchent de manière croissante à les attirer», a déclaré le procureur dans un discours. Eric Schneiderman aurait rencontré récemment plusieurs plates-formes de marché à ce sujet. Il vise notamment la «co-location», qui permet aux traders de loger leurs serveurs dans les centres de données des Bourses pour diminuer le temps de passage des ordres.

La Cour constitutionnelle allemande a reconnu ce mardi la légalité du Mécanisme européen de stabilité (MES), confirmant une décision initiale prise en 2012 et qui avait permis à l’organe de renflouement permanent de la zone euro d’entrer en scène. La cour de Karlsruhe a réitéré que le fonds de 700 milliards d’euros ne violait pas les prérogatives du Bundestag en matière budgétaire du moment que la chambre basse du Parlement conservait un droit de regard sur son utilisation. «L’autonomie budgétaire du Bundestag allemand est suffisamment sauvegardée», a déclaré la cour dont le verdict a été lu par son premier magistrat, Andreas Vosskuhle.

Le président russe Vladimir Poutine a signé mardi le traité intégrant la Crimée à la Russie, au surlendemain du référendum non reconnu par la communauté internationale et par lequel les électeurs de la presqu'île ont voté à près de 97% en faveur du rattachement. Juste avant, Vladimir Poutine avait pris la parole devant les deux chambres du parlement russe, assurant notamment que Moscou ne souhaitait pas une partition de l’Ukraine. «Ne croyez pas ceux qui cherchent à vous effrayer avec la Russie et qui hurlent que d’autres régions vont suivre l’exemple de la Crimée, a dit Poutine aux élus russes. Nous ne souhaitons pas une partition de l’Ukraine, nous n’en avons pas besoin».

Le Comité de Bâle a indiqué mardi que les titres du Mécanisme européen de stabilité (MES) et de la Facilité européenne de stabilité financière (FESF) pourront être pondérés à 0% par les superviseurs bancaires dans le calcul des risques des banques. Ils seront également comptabilisés dans le coussin dit Level 1 High Quality Liquid Assets (HQLA) qui reprend les actifs les plus liquides que les banques doivent détenir pour le calcul de leur ratio de liquidité.

P { margin-bottom: 0.08in; } Levels of European financial and non-financial corporate debt rated by Standard & Poor’s and maturing between 2014 and 2018 are expected to total USD4.1trn, representing about 46% of the USD8.9trn in debt maturing worldwide, acording to a study released on 17 March by the agency («European Refinancing Study : Over $4 Trillion of Rated Corporate Debt Is Expected To Mature By 2018"). Out of this total of slightly over USD4trn, USD866bn will mature in 2014. In the following years, the expected maturities are USD909bn for next year, USD863bn in 2016, and then USD754bn in 2017 and USD678bn in 2018. Financial sector firms represent 60% of debt maturing in Europe, and 86% of this debt is rated investment grade (BBB- and above), which is expected to contribute to moderating total refinancing risks in the region. However, debt levels with the lowest ratings remain non-negligible. More than USD10bn in debt rated B- and below are maturing in 2016, 2017 and 2018. Standard & Poor’s also notes that there is a considerable amount of leveraged debt which is not in the agency’s database.

P { margin-bottom: 0.08in; } The court of Stuttgart, the city where Porsche’s headquarters are located, on 17 March rejected a lawsuit filed by hedge funds against the luxury auto maker. More than 20 funds, including Viking Global Invetsors, Glenhill Capital and Greenlight Capital, had been suing Porsche following its failed takeover of Volkswagen (VW) in 2008-2009, and were seeking EUR1.36bn in damages and interest. The plantiffs claim that throughout 2008, the Porsche holding company never mentioned its plans to acquire VW, and then quietly entered the capital of its target in order to gradually increase its stake. The announcement of a takeover bid for Volkswagen by Porsche boosted VW share prices, and this rise was accentuated by hedging of short positions. The judge delivering the verdict on Monday found that there was no proof Porsche had acted deliberately to damage the interests of the hedge funds.

P { margin-bottom: 0.08in; } According to Le Temps. UBS “confirms that it is reviewing” its precious metals activities, as “several authorities are investigating possible price manipulations.” These few lines are buried on page 424 of the bank’s annual report, published on Friday. This time, the Siwss bank does not appear to be on the frontlines of a scandal which was set off in December by an investigation by the German financial watchdog, BaFin. Along with its British counterpart, the agency is investigating the price of gold in London at five firms: Barclays, Deutsche Bank, HSBC, Société Générale and Bank of Nova Scotia.

Al Clark has been appointed by Nikko Asset Management (Nikko AM) to the newly created role of global head of multi-asset, the Japanese asset manager announced on Monday. Based in Sydney, he will be responsible for driving the growth of the multi-asset business globally.Al Clark has more than 21 years of experience in trading and portfolio management, and has worked for major asset management groups such as Macquarie Funds Management, BT Financial Group and Schroder Investment Management, in both Sydney and Singapore. He joins the Nikko AM Group from Schroder Investment Management (Singapore) Ltd, where he was responsible for growing the multi-asset business in Asia-Pacific.Al Clark will report to Yu-Ming Wang, based in Tokyo.

P { margin-bottom: 0.08in; } Hermes Fund Managers is adding to its teams. The asset management firm has recruited Jennifer Stillman in London as director responsible for consultant relationships, Investment Europe reports. Stillman, who has 16 years of experience in the asset management industry, was previously head of development at Nightscape Capital. She previously worked successively at Caliburn Capital, Man Investments, PanAgora Asset Management and Clay Finlay.

P { margin-bottom: 0.08in; } Italian clients at BNY Mellon AM now represent assets of EUR4bn, according to Marco Pallacino, managing director of the firm in Italy, in a filmed interview with Bluerating. The firm is present in the fast-growing retail and the institutional segments.

P { margin-bottom: 0.08in; } A few days before the general assembly of the Italian association of asset managers, Assogestioni, which will be electing a new president, it seems that an internal solution has been reached with the nomination of Giordano Lombardo, Bluerating reports. Lombardo, vice-chairman of Pioneer Investment Management (UniCredit group), is already serving as interim president of the Italian asset management association. The position of president of Asogestioni has been vacant since the departure of Domenico Siniscalco due to conflicts of interests.

P { margin-bottom: 0.08in; } Following the sale by TA Associates of its 10.6% stake in the capital of Jupiter Fund Management on 5 March, Michael Wilson will be leaving the board of directors at the British asset management firm on 21 March, Citywire reveals. As it no longer has any capital relationship with Jupiter, TA Associates is no longer in a position to appoint a director to the board, even in a non-excutive capacity. The news comes as Maarten Slendebroek officially takes over as CEO of Jupiter, replacing Edward Bonham-Carter, who will retain a role as vice-chairman of the board at the asset management firm.

P { margin-bottom: 0.08in; } The Italian asset management firm Azimut will via AZ International Holdings acquire a 70% stake in Notus Portfoy Yonetimi, an independent asset management firm based in Turkey with EUR55m in assets under management. The deal, announced on Monday, will include the acquisition of shares from the founders of the Turkish firm, totalling EUR1.5bn, and subscription to a capital increase for a total of EUR0.8bn, to finance the business plan. Agreements also include buy and sell options. Azimut already has a presence in Turkey, with the joint venture AZ Global Portföy, and offers a range of Turkish funds. With Notus, the Italian firm is acquiring a firm founded in 2011 by three partners, which manages 45 mandates for private and institutional clients, and two Turkish funds investing in local markets.

La Française announced on Monday the appointment of Guillaume Dhamelincourt as head of sales for Asia. His goal will be to expand business in Asia through third party institutional distribution networks and directly with institutional investors.Guillaume Dhamelincourt has extensive experience, through JK Capital Management Ltd., in which La Française owns a minority stake, in Asian value equities. His appointment is coming as La Française is registering funds for local distribution.Guillaume Dhamelincourt will be working out of JK Capital Management Ltd headquarters located on Connaught Road Central in Hong Kong. Before joining JK Capital Management in 2011, Guillaume Dhamelincourt was investment director at HSBC Specialist Investments in London (now InfraRed Capital Partners), the property and infrastructure private equity arm of HSBC.

P { margin-bottom: 0.08in; } As recently announced by Newsmanagers, Pictet Asset Mangement has recruited a head of sales for independent financial advisers in France (GCPI). Mohammed Amor will work to develop French clients such as banks, networks and independent wealth management advisers. He will report to Hervé Thiard, CEO responsible for asset management activities at Pictet in France. Amor had previously since 2012 worked as head of commercial development at Turgot Asset Management.

Wells Fargo Asset Management is opening a new office in Paris, the business’s first office in continental Europe, and has appointed Alexandre Dussaucy as sales director. The French office will bring the US asset management firm closer to customers based in France and will enable the company to build capacity to provide more services in the long term. Wells Fargo AM has already EUR2 billion of assets under management in France - out of USD487bn globally and USD30-35bn internationally. «As Europe’s largest market for investment funds, France has always been an important destination for Wells Fargo Asset Management,» notes Ludger Peters, managing director, international business development, at Wells Fargo Asset Management. «For almost 10 years we have successfully managed assets for global financial institutions based in France; in fact, our largest international client is a French business. We also registered our UCITS IV-compliant Luxembourg funds in France in January 2013, making our investment strategies available to retail investors in France."The registration of the funds in France coincided with the arrival of Alexandre Dussaucy at Wells Fargo AM in London to cover French speaking countries. He is now responsible for business development and sales throughout France, Belgium, Luxembourg, Monaco and French–speaking Switzerland and will focus on expanding the institutional and wholesale client base and creating sub-advisory opportunities.This French office is Wells Fargo AM’s first office in continental Europe, but it might not be the last. Asked about other offices openings, a spokesperson for the asset management company answered: «we believe it vital for our success in Europe to have an on-the-ground presence in all of the countries we serve.»

The California Public Employees’ Retirement System (CalPERS) on March 17 announced that it will allocate an additional USD200 million to its emerging manager program in the Private Equity asset class. CalPERS will utilize a new fund-of-funds to deploy the capital, focusing on high-potential emerging manager funds. The new allocation will be deployed over four years and is in addition to a USD100 million commitment made in 2012. CalPERS has been investing with emerging managers directly and through fund-of-funds for more than 20 years. It has nearly USD12 billion invested with 395 emerging managers across all of its emerging manager programs.

P { margin-bottom: 0.08in; } Ivy Funds has completed the merger of the Ivy Asset Strategy New Opportunities fund into the Ivy Emerging Markets Equity fund, to offer a single strategy for investment in emerging market equities throughout the world. Assets in the Ivy Emerging Markets Euqity Fund total about USD807m. Ivy Funds is also expected to register a debt fund denominated in local currency.

P { margin-bottom: 0.08in; } Standard Life Investments (SLI) has launched a higher volatility version of its Global Absolute Return fund, whose assets under management total about EUR22bn, Citywire reports. The absolute return fund, Global Focused Strategeis, will be managed by the multi-asset class team at SLI and will employ the risk management tool and investment style used for the GARS fund. The fund will be aimed at institutional investor clients and will aim for cash returns of +7.5% per year with total volatility of 6% to 12%. The fund started up in December with seed capital of EUR110m from pension fund managers and wealth managers. The Luxembourg-domiciled fund is registered for sale in Luxembourg and the United Kingdom.

P { margin-bottom: 0.08in; } After the launch of its new brand, the asset management firm Candriam (formerly Dexia AM) has announced that it will be renaming all of its funds. The process, which is expected to be completed by summer 2014, will initially involve the range of hedge funds. Dexia Index Arbitrage becomes Candriam Index Arbitrage, Dexia Long Short Credit becomes Candriam Long Short Credit and Dexia Diversified Futures is renamed as Candriam Diversified Futures. Funds based in France will now be entitled Candriam, as well as Belgian-registered funds based on traditional strategies. French-registered Sicavs will be renamed in late April 2014. Luxembourg-registered funds will see their names changed in a third phase during 2014, a statement says.

P { margin-bottom: 0.08in; } European rules to limit excessive pay scales for fund managers have been relaxed in order not to have a disproportionate impact on US and Assian assset management firms, Financial Times fund management reports. Lobbying efforts by the United Kingdmo resulted in a last-minute amendment which will now mean that the rules apply “proportionately” to those involved in managing a UCITS fund. Previously, they concerned “third parties to whom these roles are outsourced,” including non-European managers of UCITS funds.