Recherche
S'abonner
Connexion
Asset Management
Accueil Asset Management Actualités
02/11/2012

La productivité américaine croît à un rythme modéré

D’après le département du Travail, la productivité, qui mesure la production horaire par salarié, a progressé de 1,9% en rythme annuel au troisième trimestre. Il s’agit d’une première estimation. Au deuxième trimestre, la productivité avait augmenté de 2,2%. Le coût unitaire du travail a diminué de 0,1%, au lieu de la hausse de 1,0% attendue par les analystes.
02/11/2012

Eric Rosengren dessine les limites du QE3

Le président de la Fed de Boston qui compte parmi les 19 membres du Comité de politique monétaire de la Réserve fédérale, a indiqué cette nuit que la banque centrale devrait poursuivre sa politique de rachats d’actifs au moins jusqu’à ce que le taux de chômage soit redescendu sous la barre des 7,25%, et maintenir ses taux proches de zéro tant qu’il reste supérieur à 6,5%.
02/11/2012

Desjardins et le Crédit Mutuel-CIC font fonds commun

Dans le contexte de l’accord-cadre de coopération signé l’an passé, le groupe coopératif bancaire canadien Desjardins et le Crédit Mutuel-CIC viennent de créer avec d’autres participants un fonds de 50 millions de dollars visant à investir au capital d’entreprises technologiques canadiennes. A terme, le fonds devrait être doté de 100 millions de dollars, selon la présidente de Desjardins, Monique Leroux.
02/11/2012

Les banques resserrent le crédit

Pessimistes sur l’activité, les banques ont encore durci leurs conditions de prêt aux entreprises au troisième trimestre tandis que la demande s’affaisse.
02/11/2012

Les sociétés européennes revoient leur copie en Amérique latine

Selon le journal, de nombreuses sociétés de l’Europe du Sud, notamment en Espagne, au Portugal, et en Italie, qui ont de plus en plus de mal à se financer et souffrent de la baisse de l’activité sur leurs marchés domestiques, sont entrées dans une phase de cession de leurs actifs en Amérique latine, pour envisager des introductions en Bourse de filiales locales ou des levées de fonds dans cette région. «Alors que l’économie va si bien là-bas, le crédit disponible a explosé en Amérique latine» estime Giancarlo Guenzi, directeur financier du groupe de péages autoroutier italien Atlantia SpA, cité par le journal.
02/11/2012
Gestion d'actifs

Le régime de rentes du mouvement Desjardins pourrait augmenter sa poche dédiée aux actions non cotées

En dehors des actions cotées, l’allocation en titres de croissance comprend le capital investissement, dont le poids dans le portefeuille global pourrait être porté à 5 % contre 3 % actuellement. « La décision de renforcer le capital investissement est guidée par notre objectif de surperformance de 3 % par rapport aux marchés action traditionnels et une réduction de la volatilité », prévient Raymond Laurin, premier vice-président et conseiller stratégique à la Direction du Mouvement Desjardins. Le régime avait multiplié les prises de participation, en particulier dans le segment du capital risque, affichant jusqu'à une trentaine de partenariats avant de céder une grande partie de ses participations à des fonds secondaires pour concentrer aujourd’hui son exposition sur sept à huit partenaires. Le régime privilégie des partenaires stratégiques et de confiance dont les performances les placent dans le premier quartile. Par ailleurs, Raymond Laurin attache une grande importance à la transparence, la stabilité de l'équipe de management et à l’atteinte du rendement espéré. S’il ne s’est pas interdit par le passé de négocier des termes plus favorables pour son investissement dans le cadre de side letters, le responsable des investissements de Desjardins cherche avant tout à promouvoir les standards édictés par l’association ILPA, regroupant les intérêts des Limited Partners. Source : bfinance.fr
Gestion d'actifs
02/11/2012

Asia needs more independent asset management firms

Asset management firms in Asia are not independent enough, the Financial Times claims. They generally are owned by large groups, and their first objective is to support these groups. That explains why Asian asset management firms have not been impressive in international markets.
02/11/2012

Regulators need to step up the pace of reforms to OTC derivative markets

The Financial Stability Board (FSB) has called on regulators worldwide to accelerate their efforts to co-ordinate reforms of over-the-counter (OTC) derivative markets. In a progress report published on 1 November, the FSB states that efforts are progressing, particularly in the major markets concerned, but that it would be advisable to intensify efforts on all fronts toward a complete implementation of the reforms called for by the G20.
02/11/2012

Regulators publish an updated list of banks that present systemic risks

The Financial Stability Board (FSB) on 1 November published an updated list of banks which are of “systemic” importance, meaning that by their size, they represent a danger to the entire economy in case of bankruptcy. These banks will be subject to stricter regulatory measures to support them. The FSB, which has been mandated by the countries of the G20 to strengthen legislation in the banking sector, on Thursday unveiled the list, which now includes 28 banks, down from 29 last year. The FSB then said that the list was not final, but that it would be updated each year and published in the month of November. Of the 29 banks initially listed, the French-Belgian firm dexia, the German Commerzbank and the British Lloyds Banking Group were removed from the list, while two new establishments join the group: the Spanish BBVA and the British Standard Chartered.
02/11/2012

Alix capital unveils a new bond index

The Geneva-based firm Alix Capital, the provider of the UCITS Alternatives range of indices, on 31 October announced the launched of the UAIX Fixed Income Global Index, an investable UCITS-compliant bond fund index whose portfolios are invested both in developed and emerging markets. It is composed of 10 to 15 UCITS-compliant bond hedge funds, with an allocation limited to 40% to emerging market funds.
02/11/2012

Daniel Godfrey to become IMA president in one month

Richard Saunders will be leaving the Investment Management Association (IMA) at the end of this year, but he will be replaced from 1 December as CEO by Daniel Godfrey. Godfrey has spent three years at Phoenix Group, and for eleven years was director general of the Association of Investment Companies (AIC). The IMA board has thanked Saunders for the excellent work he has done in the past decade.
02/11/2012

SWIP recruits a head of wholesale from Mirae

Francis Ghiloni, director of distritbution & client management at Scottish Widows Investment Partnership (SWIP), has announced the recruitment of Martyn Gilbey, who will report to him as head of wholesale. Gilbey will begin on 12 November. Gilbey had been managing director at Mirae Asset Management in London, after serving as chief marketing officer in Hong Kong.
02/11/2012

GBP3.2bn in inflows over nine months for Standard Life Investments

Assets under management at the activity dedicated to clients from outside the Standard Life Investments group as of the end of September totalled GBP78.8bn, compared with GBP71.8bn at the beginning of the year, according to an interim report published on 31 October. Net inflows totalled GBP3.2bn in the first nine months of the year, while market effects totalled GBP3.8bn. In the United Kingdom, risk-based funds of the My Folio series had GBP1.9bn in assets as of the end of September, with net inflows of GBP0.8bn. Assets under management in British open-ended funds totalled GBP13bn, due to net inflows of GBP1.5bn. Also, assets under management in absolute return funds notably topped GBP19bn. Assets under administration as of the end of September totalled GBP211.9bn, compared with GBP198.4bn as of the end of December 2011.
02/11/2012

Assets up at Henderson despite redemptions

The British asset management firm Henderson has reported net outflows in third quarter of GBP1.1bn, of which GBP585m were from institutional investors. However, assets under management were up GBP1.2bn in the quarter, to GBP64.bn, due to positive market and currency effects totalling GBP2.3bn. Henderson reports that its real estate unit, has performed well, with GBP50m in outflows more than offset by subscriptions of nearly GBP200m.
02/11/2012

Month of October looking very bad for quant hedge funds

Quantitative hedge funds are facing their worse performance since the beginning of the financial crisis this October, as managers made losing bets on many asset classes, including bonds, currencies, and commodities, the news agency Reuters reports. As of 25 October, CTA funds were down 5.6%, which is the heaviest loss since August 2007, according to the CTA Trend sub-index from Newedge.
02/11/2012

SRI still hesitating in choice of doctrine

There is no universal definition of socially responsible investment (SRI), and at least three methodologies are competing for the favour of managers, which include exclusion, ‘best-in-class’ and engagement, with other variants in between. This was the conclusion at a round table discussion held in Paris by the Belgian firm Petercam, in the presence of Grégoire Cousté, director general of the Responsible Investment Forum (FIR), which discussed methodology, ratings, reporting and bonds. All participants agreed that for the moment, SRI remains a subject which is very primarily (about 90%) for institutionals, in France as in Belgium. And it remains difficult to prove that there is “double alpha,” extra-financial and financial, although few could now accuse SRI of performing less well than traditional management, which is a significant development of the past two years. Ophélie Mortier, SRI co-ordinator at Petercam, says that the Belgian asset management firm, which is a signatory of the United Nations Principles for Responsible Investment (UN-PRI), combines best-in-class and exclusion (tobacco, alcohol, pornography, and the criteria selected by the Norwegian Government Pension Fund – Global), to produce SRI and sustainable funds. For equities, assets at Petercam Equities Europe sustainable represent about 10% of those in the Europe equities fund, although after assets tripled earlier this year to about EUR250m, assets under management in the Petercam L Bonds Government Sustainable, a govies fund, are in the range of EUR8bn.
02/11/2012

Ireland prepares for AIFM directive

The Irish central bank on 31 October launched a consultation on the introduction of significant improvements to its non-UCITS regime under the AIFM directive, the Irish fund investment association (IFIA) has announced. The directive will bring in substantial changes for the non-UCITS fund sector, the professional association notes. The current “Qualifying Investor Fund” (QIF) regime will be replaced with a new “Qualifying Investor Alternative Investment Fund” (QIAIF) regime, and a regime dedicated to retail investors will be created at this time. All annexed non-UCITS documents published by the central bank will be replaced with a single booklet covering all aspects of the regulations.
02/11/2012

Strong inflows for AMG

In third quarter 2012, Affiliated Managers Group (AMG) has posted net subscriptions of USD10.9bn, bringing the total in the first nine months of the year to over USD25bn. As of the end of September, assets totalled USD416bn. Net profits in July-September totalled USD54.9m, compared with USD40.1m in third quarter 2011, while in January-September, they were down to USD98.9m from USD124.6m.
02/11/2012

Fidelity recruits in Vienna

Andreas Lessmann, who had been director of distribution for Austria, Benelux and German-speaking Switzerland at Tiberius Asset Management, after serving as institutional executive director asset management and head of mutual funds Austria at Sal. Oppenheim, which became Deutsche Bank Austria, is joining Fidelity Worldwide Investment in Vienna. He will be sales director, responsible for relationship management for institutional and banking clients in Austria, and will report to Adam Lessing, head of Austria & Eastern Europe.
02/11/2012

Natixis GAM opens in Hong Kong

The French asset management firm Natixis Global Asset Management opened an office in Hong Kong on 31 October, under the leadership of Michael Chang, managing director of NGAM Hong Kong Limited, who will report to John Hailer, Asia CEO, based in Boston. Chang had been based in Taipei, where he had been country head for Taiwan. He will be replaced in that position. The implantation includes a network in Beijing, Singapore, Taipei and Tokyo, with over 50 people. Asia-Pacific assets at the group total USD22.7bn (as of the end of March, +66% in two years), out of a total of USD711bn, or EUR560bn, as of 30 June. The Hong Kong office will be responsible for operations and sales, but management will continue to be undertaken by specialist affiliates of Natixis AM and GAM, including Absolute Asia, AEW (USD45.5bn), Harris Associates, Loomis Sayles, Hansberger Global Investors (USD7.4bn) and Ossiam.
02/11/2012

CNMV approves acquisition of Nordkapp by Banco Madrid

The CNMV has granted Banco Madrid (an affiliate of the Andorran BPA) permission to acquire Nordkapp from Banco Valencia, as announced in early August, Funds People reports (see Newsmanagers of 3 August). This will bring an increase in assets of EUR2bn for Banco Madrid. Nordkapp controls a brokerage firm and an asset management firm, and operate a network of branches in Valencia, Pamplona and Madrid, with about 40 employees. Banco Madrid is planning to merge its affiliate Banco Madrid Gestión de Activos with Nordkapp Gestión.
02/11/2012

Dividend taxation: BVI satisfied

The German BVI association of asset management firms on 31 October declared itself satisfied that the German federal government is planning to put foreign shareholders on an even footing with regard to taxation of dividends paid to shareholders who hold a stake in the capital. The German government has largely followed the recommendations of the BVI, to refund the withholding tax on capital gains which is paid by foreign companies in Germany even in cases where the tax would not be payable outside Germany. The German government has actually transposed a verdict of the European Court of Justice, without penalising German companies. One year ago, the Court found that foreign companies were disadvantaged against their German competitors when they held less than 10% in a German publicly-traded company. Foreign companies with a stake in a German company were subject to a 15% tax on their capital gains as German dividends, which German companies were not. German companies remained exempt to company tax on dividends. That prevented multiple taxation, since the company paying the dividend had already paid company tax. This also works to the advantage of equity funds which hold stakes in capital. They remain attractive for these businesses, which also does not work to the disadvantage of corporate retirement savings.
02/11/2012

Two more investigations into Barclays in the United States

The British bank Barclays on 31 October announced that it is being investigated as part of two more regulatory enquiries in the United States, which may complicate restoring its reputation after a series of scandals, including the Libor scandal this summer in particular, which have tarnished its reputation. The bank has stated that it is co-operationg with the United States Department of Justice (DoJ) and the securities and exchange commission (SEC) in an investigation into a potential infraction of the corruption of foreign heads law, as part of a case which is already under investigation in the United Kingdom. The Financial Services Authority (FSA) and the British Serious Fraud Office (SFO) are investigating the financial conditions of fundraising at Barclays from Middle Eastern investors, who allowed the bank to avoid seeking government aid in 2008, at the height of the financial crisis. Barclays on Wednesday announced another investigation, this time into its energy brokerage activity in the Western United States between late 2006 and 2008. The group says that it plans to “vigorously” defend itself in this case. “We have a lot to do to restore trust,” CEO Antony Jenkins, who was appointed in late August to succeed Bob Diamond following the Libor manipulation scandal, admits. The scandal broke in late June, when Barclays revealed that it would pay GBP290m to settle an investigation by British and American regulators into manipulations of the British Libor and European Euribor inter-bank lending rates between 2005 and 2009.

Sujets d'actualité

Tous les sujets