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02/07/2012

Tokyo se tourne vers les marchés émergents

A l’issue d’une procédure entamée en octobre 2010, le plus important fonds de pension public au monde, celui du gouvernement japonais avec 1.350 milliards de dollars d’actifs, a annoncé avoir sélectionné six prestataires pour la gestion d’actions des marchés émergents. Sont concernés Invesco, Nomura AM, Nomura Funds Research and Technologies, Mizuho AM, Sumitomo Mitsui AM et Lazard AM.
02/07/2012

Pékin détient 10% de Veolia Water UK

La State Administration of Foreign Exchange (SAFE), chargée de gérer les réserves de change chinoises, fait partie d’un consortium d’investisseurs ayant acquis la semaine dernière l’activité d’eau régulée en Grande-Bretagne de Veolia. Une opération s’élevant à 1,24 milliard de livres. Selon le Sunday Times, le gouvernement chinois détient désormais 10% de Veolia Water UK.
02/07/2012

Paris et Shanghai veulent renforcer leur coopération

Paris Europlace et la municipalité de Shanghai ont annoncé la mise en place d’un comité de pilotage visant à avancer dans deux directions: faciliter et développer les opérations commerciales et les transactions financières en yuans grâce à la hausse du financement export, et développer les opportunités d’investissement dans des actifs libellés en yuans, notamment via l’émission d’obligations Dim Sum par des entreprises françaises.
02/07/2012

La BCE devrait baisser son taux à 0,75%

Le Panel Taux attend un assouplissement dès la réunion de jeudi. La réaction positive au sommet européen éloigne la perspective d’une baisse de 0,5 point.
02/07/2012

Un vrai succès

La cause d’une solidarité européenne plus forte et plus équilibrée a connu un vrai succès vendredi. Les concessions allemandes ouvrant la possibilité pour le MES d’intervenir directement dans le capital des banques sont importantes car elles tendent à rompre le lien entre crise bancaire et crise des souverains. L’Espagne est déjà assurée d’en bénéficier, avec en prime l’assurance que l’aide de ses partenaires n’aura pas un rang de séniorité. La porte est ouverte aussi pour l’Irlande et, probablement, pour la Grèce. Mais Angela Merkel a pris deux précautions clés : ce nouveau droit ne pourra entrer en vigueur avant la mise en place d’une surveillance bancaire unique sous l’égide de la BCE ; et il ne pourra être effectif qu’après un vote à l’unanimité. Le chèque allemand n’est donc pas en blanc. Pour le reste, selon la tradition, les conclusions du sommet demeurent floues et annoncent une longue et rude «bataille des détails». C’est le cas s’agissant de la possibilité pour les fonds d’urgence d’intervenir sur le marché de la dette souveraine d’Etats en difficulté mais remplissant leurs obligations budgétaires. Mario Monti veut croire qu’il a obtenu un feu vert de principe. Mais le «memorandum of understanding» imposé par Berlin pour en bénéficier laisse prévoir tant de contraintes que le recours à ce nouveau «bazooka» sera plus qu’étroitement encadré. N’importe : à l’image des marchés vendredi, les citoyens de l’euro peuvent aujourd’hui respirer mieux.
02/07/2012

Les agences de notation dans le viseur de l’Esma

L’autorité européenne (European Securities and Markets Authority) enquête sur les méthodes d’évaluation mises en œuvre par les trois grandes agences de notation S&P, Fitch et Moody’s afin de tester leur rigueur et leur transparence.C’est ce que confie au quotidien le président de l’Esma Steven Maijoor. L’étude devrait être finalisée d’ici la fin de l’année.
02/07/2012

Pékin va simplifier les investissements directs étrangers

L’administration centrale chinoise du marché des changes serait sur le point d’annoncer des mesures de simplification du processus d’approbation pour les investissements directs en devises étrangères sur le territoire chinois, selon le Shanghai Securities News qui ne cite pas ses sources. L’ouverture de comptes en devises étrangères dans le pays ne serait ainsi plus soumise à approbation.
02/07/2012

3i fund goes on a diet

Simon Borrows, the new CEO of 3i, is seeking to bring a fresh start to the veteran British private equity firm, closing six offices and cutting staff at six more, Les Echos reports. One third of all jobs at the firm will be affected. Fundraising has been extended for one year to the end of 2013. The share price of 3i has fallen by more than 80% in five years.
02/07/2012

Barclays chairman resigns

Barclays has today (Monday, July 2nd) announced the resignation of its chairman, Marcus Agius. The search for a new successor both from within the existing board members and from outside will be led by Sir John Sunderland and will commence today. Mr Agius will remain in post until an orderlu succession is assured and Sir Michael Rake has been appointed deputy chairman Commenting, Marcus Agius said, “It has been my privilege to serve as Barclays Chairman for the past six years. This has been a period of unprecedented stress and turmoil for the banking industry in particular and for the wider world economy in general. Barclays has been well served by an excellent executive team - led, first by John Varley, and now by Bob Diamond – which has worked constructively with a strong and supportive Board of directors. Barclays has remained resilient throughout the crisis, and has worked hard to ensure that today it is a strong, well capitalised and profitable business. But last week’s events – evidencing as they do unacceptable standards of behaviour within the bank – have dealt a devastating blow to Barclays reputation. As Chairman, I am the ultimate guardian of the bank’s reputation. Accordingly, the buck stops with me and I must acknowledge responsibility by standing aside».The Board has also agreed to launch an audit of its business practices.
02/07/2012

LSE tops 1,000 ETPs thanks to UBS

Since the end of last week, the listings of the Main Market of the London Stock Exchange (LSE) include 1,006 products in the area of ETPs. The 1,000 product threshold was passed with the addition of 64 ETPs from UBS Global Asset Management, which is the largest number of products added in a single day since the launch of the segment in 2000. These ETFs in one fell swoop bring the number of ETFs from UBS Global AM listed in London from 2 to 66. They replicate numerous indices and providers, such as FTSE, MSCI, S&P, Markit iBoxx and Euro Stoxx, for European, American, Asian and emerging markets, as well as bonds and commodities.Since the beginning of 2012, the LSE has added 74 ETFs and 14 ETCs.
02/07/2012

Wave of QFII quotas in June

In June, the Chinese State Office of Foreign Exchange (SAFE) issued Qualified Foreign Institutional Investor (QFII) quotas totalling USD1.35bn, Z-Ben Advisors reports. Among the beneficiaries who did not have quotas previously are BlackRock Trust, Northern Trust, Mercuries Life Insurance, American International Insurance, Capital Research and Management, City of London Investment and Okasan Asset Management.
02/07/2012

TCW hires a former diplomat

The TCW Group has recruited David Loevinger, a former senior coordinator for Chinese affairs at the Treasury. He will join the emerging markets division of the firm as management director and analyst for sovereign debt. TCW has more than USD9bn in assets under management in emerging markets, a statement says.
02/07/2012

BNP Paribas SS wins a mandate from Convictions AM

Convictions Asset Management has awarded an execution mandate for fixed income transactions to BNP Paribas Securities Services. Convictions AM, whose assets under management currently total about EUR630m, would like its portfolio managers to concentrate on analysis, research and allocation of investments, in order to adapt to difficult market conditions. The asset management firm has chosen BNP Paribas SS, which already held a five-year outsourcing mandate for middle and back office functions. The outsourcing of front office functions is a new trend in the asset management sector, with Convictions AM one of the first exemplars.
02/07/2012

Strasbourg management school and CCR AM create a chair in behavioural finance

The School of Management at the University of Strasbourg (EM Strasbourg) and CCR Asset Management have announced that they are teaming up to create a chair in behavioural finance. The chair will be funded for three years, and will be led by three researcher-teachers in the LaRGE finance speicalist research laboratory: Marie-Hélène Broihanne, Patrick Roger, and Maxime Merli, who will direct the effort. Research in behavioural finance questions the rationality of investors, behavioural biases in financial decision-making and the impact of these biases on financial markets. “This financing will allow us to develop relationships with colleagues in North America working in these areas, to have access to original databases, which are currently indispensable for the analysis of investor behaviour,” explains Merli in a statement. CCR Asset Management feels that supporting academic research is “a necessary complement to traditional analysis (micro, macro, fundamental, technical, etc), in order to allow us to better understand our clients and better comprehend the markets,” says Lorenzo Ballester, chairman and CEO of CCR AM. The collaboration between researchers at EM Strasbourg and CCR Asset Mangaement has already resulted in two studies. The first, undertaken in partnership with Morningstar in June 2011, found that finance professionals have too much confidence, a bias which influences their financial risk-taking. The second study focuses on investor sentiment and its impact on financial markets. It was presented at the annual conference held by CCR Asset Management in Paris on 28 June 2012, which was attended by nearly 250 professionals.
02/07/2012

Sébastien Le Louarn joins Reyl France

Sébastien Le Louarn, who most recently had been a senior private banker in the major private investor team at the Indosuez Banque Privée, has joined the management team at Reyl & Cie France “recently,” as director and senior portfolio manager.In his new role. Le Louarn will be in charge of developing and leading the investment advising range for private companies and advising to entrepreneurs. Le Louan, an equestrian jumping competitor, will also be hoping to develop a range more specifically aimed at the equestrian community at Reyl & Cie (France). The arrival of Le Louarn comes soon after that of Virginie Robert (see Newsmanagers of 11 June), who joined from Raymond James Asset Management.
02/07/2012

Eric Boutchnei leaves Métropole Gestion

According to information obtained by Newsmanagers, Eric Boutchnei has quit his job. The co-founder of Métropole Gestion with François-Marie Wojcik and Isabel Levy, deputy CEO oand director of strategy at the firm, is said to have quit on Friday last week. Divergences in point of view at the asset management firm specialised in value style management is reportedly the cause of the departure of Boutchnei, who two years ago gave up his role as head of development to François Carlotti. The co-founder of Métropole Gestion then took over responsibility for the firm’s strategy, and became involved in issues at the asset management firm related to new regulatory constraints on institutional investors (Solvency, etc.). The departure of Carlotti from the asset management firm one year after his recruitment, with more mixed results in terms of development, will not have an effect. Boutchnei leaves a firm which he created with his partners following their departure from CCR in 2002, and which now has EUR2bn in assets. Boutchnei, a member of the SFAF, a graduate of the Centre d’Etudes Supérieures de Banque (1985),and of the Institut Technique Bancaire (1981), Boutchnei began his career as a financial analyst at BNP. Between 1985 and 2000, he was also deputy CEO of BNP Paribas Equities, and then CEO of Julius Baer France, before participating in the creation of Métropole Gestion and serving as a director there
02/07/2012

State Street develops partnership with Mitsui Fudosan

The financial services provider State Street Corporation on 29 June announced that it is extending its partnership with Mitsui Fudosan, a Japanese real estate firm, to offer administration and trustee services for two new real estate funds, Moorgate Property Unit Trust and Mark Lane Property Unit Trust. State Street had originally been retained by Mitsui Fudosan, one of the largest Japanese real estate asset management firms, in 2008, to assist it in its development on the real estate market in the United Kingdom, providing administration services for the 5 Hanover Square Unit Trust. The decision by Mitsui Fudosan to extend its range of Jersey Property Unit Trusts (JPUTS) reflects a rising interest on the part of investors in the real estate market in the United Kingdom.
02/07/2012

Crédit Agricole hopes to sell CA Cheucreux this summer

The future of CA Cheuvreux will soon be a story written outside Crédit Agricole, Agefi reports. The bank has initiated a sales process for its equity broker, which it hopes to complete by mid-July, or failing that, to relaunch the process this autumn. Among the two or three potential buyers are the French firm Kepler Capital Markets. Last year, Cheuvreux lost its parent company EUR70m, according to the CA CIB annual report, on net banking proceeds of EUR164m. The cost of a social plan, and the form it will take, as buyer or acquirer, represents a key element in negotiations, the newspaper adds.
02/07/2012

US money market funds are not all steering clear of euro zone

The Wall Street Journal reports that at a time when many US money market funds are pulling out of Europe, others, seeking higher returns, are going in deeper.Eight of 20 US money market funds with the highest exposure to Europe in terms of assets as of the end of May have increased their allocation to the euro zone between 31 Augsut 2011 and 31 May this year, among them BlackRock and Goldman Sachs.As an example, the exposure of the Goldman Sachs Financial Square Government Fud has increased to USD12.7bn from USD7.7bn. For the BlackRock Cash Fund Institutional and Prime funds, allocations have been increased to USD13.1bn from USD9.1bn and USD4.9bn from USD3.4bn, respectively.

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