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17/09/2013

Les marchés tournent la page Summers

Celui qui était vu comme un «faucon» a renoncé à se présenter à la présidence de la Fed, ce qui a soutenu les actifs risqués et les marchés obligataires.
17/09/2013

Les actions émergentes stoppent l'hémorragie

La collecte nette sur les fonds indexés sur cette classe d’actifs a atteint 2,6 milliards de dollars sur la semaine achevée le 11 septembre, un retour dans le vert après des semaines de retraits. Dans le même temps, les fonds en actions européennes ont enregistré leur onzième semaine de collecte consécutive.
17/09/2013

Temasek recrute un responsable de Citic

Le fonds souverain de Singapour vient de recruter un dirigeant de Citic en qualité de responsable pour la Chine, rapporte le site spécialisé. Wu Yibing, «chief executive» de Goldstone Investment, l’entité d’investissement de Citic Securities, devrait rejoindre Temasek le 1er octobre prochain.
17/09/2013

Le bonus-malus automobile va être modifié

Afin de corriger un dispositif aujourd’hui déficitaire, le gouvernement prévoit de relever le montant maximal du malus automobile de 6.000 à 8.000 euros en 2014 pour un niveau d'émission de CO2 inférieur au seuil actuel. Ce relèvement devrait rapporter 100 millions d’euros supplémentaires à l’Etat l’an prochain. Par ailleurs, les bonus pourraient être rabotés.
17/09/2013

ICBC va placer une obligation en dollar compatible avec Bâle 3

Une filiale de la banque chinoise prévoit d'émettre prochainement une obligation en dollar qui soit compatible avec les nouvelles normes de solvabilité Bâle 3. Un placement scruté par le marché alors que ce type d’obligation comporte un risque supplémentaire. D’autres prêteurs asiatiques ont émis des obligations compatibles avec Bâle 3 mais il s’agissait de titres libellés en devises locales.
17/09/2013

La dette française attendue à 95,1% du PIB fin 2014

La dette publique de la France atteindra 95,1% du produit intérieur brut fin 2014, soit environ 1.950 milliards d’euros, après 93,4% à la fin de cette année, selon le projet de loi de Finances qui sera présenté la semaine prochaine, rapporte le quotidien. La dette publique s'élevait à 90,2% du PIB fin 2012 et le déficit public à 4,8%. Le gouvernement a dévoilé la semaine dernière les grandes lignes du budget 2014 qui prévoit un déficit public (Etat, comptes sociaux et collectivités) ramené à 4,1% du PIB à la fin de cette année contre 3,7% prévu auparavant puis à 3,6% fin 2014. Le projet de loi de Finances pour 2014 sera présenté le 25 septembre en conseil des ministres.
17/09/2013

Un ancien gérant de Gartmore prépare un fonds européen

Guillaume Rambourg, via sa société Verrazzano Capital, cherche des capitaux d’amorçage en vue de lancer un fonds actions européennes «long only». Le Verrazzano European Advantage serait géré par Guillaume Rambourg et son équipe de six personnes. Il s’agira d’un fonds de ‘meilleures idées’ concentré autour de 40 valeurs en Europe continentale.
16/09/2013

Le Portugal souhaite une ligne de crédit de précaution

Le Portugal pourrait demander à ses partenaires européens une ligne de crédit de précaution à l’issue de son programme d’aide en 2014, a déclaré lundi le vice-premier ministre Paulo Portas. Les inspecteurs de l’Union européenne et du FMI sont arrivés lundi à Lisbonne pour un nouveau passage en revue de l’avancement des réformes dans le pays. Le Portugal est censé pouvoir se financer seul sur les marchés après la mi-2014, mais ses taux à 10 ans se sont tendus de près de 100 points de base en un mois, à 7,13%, un niveau jugé insoutenable si le pays devait émettre à ce prix aujourd’hui.
16/09/2013

MSCI offers EM index of non-BRIC countries

With the MSCI EM Beyond BRIC, MSCI has launched a new emerging market index which covers 17 countries, but excludes the BRIC countries (Brazil, Russia, India and China), which currently represent over 40% of the MSCI Emerging Markets index. The new product was developed at the request of clients, and may be used for fnancial supports such as ETFs or structured products.In order to diversify the index, MSCI has decided to limit the allocation to Taiwan and South Korea to 15%, which gives more weight to smaller emerging markets such as Thailand, Malaysia and Indonesia.Backtesting reveals that the new index would have outperformed the MSCI Emerging Markets index since 1999, with annualised gross performance in US dollars of 12%, compared with 11.1%. Between 1999 and 2007, it would have lagged 2.1 percentage points behind, with 18%, compared with 20.1%, but since 2007, the new index would have earned annualised returns of 2.85%, at a time when the Emerging Markets index lost 2.1%.Weightings as of 31 July 2013:South Africa: 15.78%Chile: 3.90%Colombia: 2.76%South Korea: 15.03%Egypt: 0.58%Hungary: 0.50%Indonesia: 6.59%Malaysia: 8.92%Morocco: 0.18%Mexico: 12.45%Peru: 0.98%Philippines: 2.42%Poland: 3.72%Czech Republic: 0.54%Taiwan: 15.33%Thailand: 6.11%Turkey: 4.22%
16/09/2013

Six foreign hedge fund companies authorised to raise money in China

Six hedge fud companies will be granted the first licenses ever to raise mone from institutions in China for investment abroad, the Financial Times report. The Chinese government has awarded a global quota of USD300m, which will be divided evenly between Canyon Partners, Citadel, Man Group, Oaktree, Och-Ziff and Winton Capital. Each one will be allowed to raise up to USD50m, according to sources close to the programme.
16/09/2013

FCA fines Axa over EUR2m

The British Financial Conduct Authority, responsible for overseeing financial institutions in the United Kingdom, has fined Ax GBP1.8bn (EUR2.14bn) for providing misleading advice to thousands of individual investors.The British affiliate of the wealth management and insurance group sold about 37,000 investment products, with a total value of GBP440m, to 26,000 clients, many of whom were elderly and retired persons without financial experience. The total losses which resulted or which could have resulted have not yet been determined.Some advice provided by heads at AXA between 15 September 2010 and 30 April 2012 had “serious shortcomings,” the FCA says in a statement.Advisers did not fully explain he risks associated with these stock market investments, or the potential impact of management fees on the expected returns, it explains. They also did not verify whether the clients concerned were in a postion to support the potential losses financially.
16/09/2013

JP Morgan sets aside a further USD4bn for risk management

JPMorgan Chase, which was severely affected last year by the “whale of London” scandal, is planning to set aside USD4bn more, and mobilise a further 5,000 employees to settle questions concerning risk management and regulations, as the bank is subject to multiple investigations, the Wall Street Journal writes, citing sources familiar with the matter. This sum includes USD2.5bn placed in provisions for legal costs in second half, according to the financial newspaper, which also observes that the teams responsible for risk controlling will be increased by 30%. The banking group had announced on Monday that it had mobilized an additional 3,000 employees for controlling functions, and a source close to the situation has told Reuters that 2,000 more employees, who are present in the group’s various activities, will also work on regulatory questions.
16/09/2013

Citi administers over USD500bn in alternative assets

Mike Sleightholme, global head of hedge fund services, and Joe Patellaro, global head of private equity servies, have announced in a joint statement that Citi now has over USD500bn in alternative assets under amdinistration, of which USD300bn are in hedge funds, and USD200bn in private equity, HedgeWeek reports.
16/09/2013

BNP Paribas SS completes migration of assets from Nikko AM

BNP Paribas Securities Services on 13 September announced that it had completed the integration fo Nikko Asset Management in Asia-Pacific. BNP Paribas was selected in October 2011 by Nillo AM to provide middle- and back-office services, and fund custody and administration for its activities in Asia, as well as for its affiliate Tyndall Investment Management, based in Australia and New Zealand.
16/09/2013

Eaton Vance applies for a license to launch ETMFs

The Boston-based Eaton Vance Management, an affiliate of Eaton Vance Corp, has announced that it has submitted an application to the SEC for exemptive relief to allow it to launch exchange-traded managed funds, or ETMF, products which can use an ETF structure for active strategies. ETMFs combine cost and tax-efficiency with protection for shareholders in an ETF, while preserving the confidentiality of trading activities of the portfolio.Eaton Vance (USD268.8bn in assets as of the end of July) is planning to launch a range of ETMFs, which would mirror mutual funds from Eaton Vance. The asset management firm is also planning to issue licenses to other asset management firms via its wholly-owned subsidiary Navigate Fund Solutions LLC.
16/09/2013

CalSTRS seeks to diversify its portfolio

The pension fund for California teachers, CalSTRS, whose assets under management total about USD170bn, has decided on a measured diversification of its portfolio, with a reduction in its allocation to equities and bonds, in favour of inflation-linked assets, according to a statement released on 10 September.The new allocation reduces the most highly represented asset classes, such as international equities, which will be reduced from 53% (current objective) to 51% (new long-term objective), fixed income, which goes from 20%. to 16%. The less liquid asset classes of real estate and private equity both gain 1 percentage point, to 13%.The allocation dedicated to assets which are sensitive to inflation will be increased from 2% to 6%, but this objective of 6% represents a threshold which will be met under all conditions in which the risk of inflation remains very low. CalSTRS will continue to invest in infrastructure and commodities. Hermes Fund Managers is one of the asset management firms retained for commodities.Hermes Fund Managers has been managing commodity mandates since 2005 for its institutional clients, the firm’s website says.
16/09/2013

Mirabaud France recruits two private managers in Paris

Mirabaud France on 13 September announced the arrival of Cyril Lejeune and William Chatin as private managers. Lejeune had previously served as a financial adviser at Merrill Lynch. Chatin had been a private banker at the Banque de Gestion Privée Indosuez in Paris. Before joining Mirabaud France in September 2013, Lejeune, 41, had been a financial advisor for key families and French entrepreneurs at Merrill Lynch since April 2007. Lejeune had previously been in London at Morgan Stanley, to work to reinforce the presence of the firm in France. Before serving as a private banker, he had been an internet entrepreneur. Lejeuna holds a Bachelor of Arta in Business Administration from IFAM, and a level 3 (derivative trading) license from the Securities & Investment Institute of London. Before joining the team at Mirabaud France in August 2013, Chatin, 40, had been a senior private banker at the Banque de Gestion Privée Indosuez from 2008 to 2013. He began his career at l’Oréal in Germany as management controller, and took his first steps into private management in 2002, when he joined AGF Assurfinance as a wealth management adviser. He continued his career from 2004 to 2008 at Cyrus Conseil as a senior wealth adviser.
16/09/2013

Amundi willing to consider acquisitions in ETFs

Amundi is willing to consider acquisition oppportunities in order to become one of the three providers of ETFs in Europe, Financial Times fund management reports. Rumours have recently suggested that the group was interested in Lyxor. “We would strongly consider participating in any consolidation process within Europe’s ETF industry,” says Valérie Baudson, managing director of ETF activities and indexing operations at Amundi (USD50bn). “Scale is important in the ETF industry. … We aim to grow even larger,” she adds.
16/09/2013

Assets at Trian Partners top USD7bn

Nelson Peltz’s activist hedge fund Trian Partners has topped USD7bn in assets under management, Institutional Investor Alpha reports. These assets were up 11% from their level at the beginning of July (USD6.3bn). A large part of the increase in assets is reported to be the result of good returns. Funds gained 25% in the first eight months of the year.
16/09/2013

Invesco, Franklin, Legg and AllianceBernstein return to asset losses in August

The four US firms Invesco, Franklin Templeton, Legg Mason and AllianceBernstein along have posted a decline in assets as of 31 August of USD48.4bn for the month, where in July they had posted an increase in assets under management of USD63.8bn.In detail, Invesco has seen a decline in its asets of USD9.7bn, after an increase of USD23.8bn the previous month, while Franklin has lost USD16.8bn of the USD19.1bn in increases it posted in July. AllianceBernstein as posted a decline in assets of USD8bn, after an increase of USD9bn the previous month, while Legg Mason has lost exactly the same amount it gained in July, USD11.9bn.
16/09/2013

Inflows to equity funds on the rise

With fears of an imminent US strike on Syria receding and positive GDP numbers coming in from all corners of the globe, flows into equity funds rebounded during the second week of September to their highest level since mid-July.Equity funds collectively absorbed USD14.38 billion during the week ending September 11, according to statistics released by EPFR Global. Europe equity funds posted their second biggest inflow year-to-date.Bond Funds recorded net redemptions of USD3.54 billion, while money market funds took in USD7.5 billion.
16/09/2013

Lyxor releases its European Senior Debt fund in Spain

Funds People has announced that Lyxor Asset Management has launched its European senior debt fud aimed at insurers (see Newsmanagers of 23 May). Assets in the fund already total EUR325m. The average duration totals between 6 and 8 years.
16/09/2013

Fonditel simplifies absolute return range

The pension fund management firm for Telefónica, Fonditel, has applied for permission from the CNMV to absorb two of its absolute return funds, Octopus and Velociraptor, into a third, Smart Beta, Funds People reports.If the planned operation receives approval from the Spanish regulator, the absolute return range from Fonditel will include only two products thereafter, the Smart Beta and Albatross, with the former pursuing an absolute return objective and a volatility objective, and the latter being a “pure” absolute return fund.
16/09/2013

Credit Suisse to sell its private banking operation in Germany

According to Wirtschaftswoche, BNP Paribas and Santander are in the running to acquire the private banking activity of Credit Suisse in Germany, which the Swiss group is reported to have put up for sale. That would represent a network of nine branches, with assets of EUR4-5bn.Spokespersons for the three entities cited refused to comment.
16/09/2013

Eurekahedge HF index down 0.32% in August

The Eurekahedge hedge fund index has finished the month of August with a decline of 0.32%, at a time when the MSCI world index has seen a fall of 2.26%, according to Hedgeweek. The various strategies have shown mixed trajectories. Event-driven strategies have earned returns of 0.95%, which have allowed them to post gains of 5.70% since the beginning of the year. However, macro and CTA strategies have seen losses of 0.85% and 0.79%, respectively.

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