Chez Areva, des cessions sont attendues, avec en première ligne celle des 25,69% au capital d’Eramet, rappelle L’Agefi. Ce bloc, valorisé 550 millions d’euros aux cours de Bourse actuels du groupe minier, devrait revenir au Fonds stratégique d’investissement (FSI) plutôt qu'à l’Agence des Participations d’Etat (APE), également candidate.Le FSI a déjà étudié ce dossier début 2010, précise le quotidien, mais l’opération avait échoué car Eramet valait trois fois plus cher qu’aujourd’hui. Le FSI ne pouvait pas mobiliser 1,5 milliard d’euros.

Société Générale Securities Services (SGSS) a annoncé le 25 novembre la mise en place d’une nouvelle gouvernance centrée sur le client, pour poursuivre l’accompagnement des investisseurs institutionnels qui recherchent des services de plus en plus étendus, multi-produits et multi-pays. Sous la direction de Bruno Prigent, directeur de Société Générale Securities Services, le nouveau comité exécutif, composé de 6 membres, a pour mission de conduire la stratégie et le développement de SGSS.A compter du 24 novembre, outre leurs fonctions actuelles, les membres du comité exécutif ont la supervision de domaines d’activités répartis autour de quatre axes, indique un communiqué. Premier axe, le client sou la houlette de Massimo Cotella, l’actuel Directeur de SGSS en Italie, qui supervise l’activité commerciale et marketing ainsi que les services de Liquidity Management (prêt emprunt de titres, trésorerie, change) de SGSS. Son objectif est notamment de développer de nouvelles solutions clients en s’appuyant sur l’expertise des équipes de SGSS en matière de gestion de la liquidité cash et titres, mais également de change. Deuxième axe, les opérations des clients, avec Pascal Berichel, l’actuel directeur des Services de Distribution de Fonds, qui supervise l’ensemble des Services aux Fonds. Didier Rolland, précédemment responsable Monde au sein de la direction des Opérations de Société Générale Corporate and Investment Banking, des départements en charge du Support Clients & Business, supervise désormais les activités de compensation et conservation, ainsi que les services aux émetteurs de SGSS. Pascal Berichel et Didier Rolland ont pour objectifs de renforcer le pilotage transversal et les synergies entre les activités opérationnelles de SGSS et d’en assurer la qualité dans le contexte d’une demande multi-produits, multi-pays tous les jours plus prégnante. Troisième axe, la transformation avec Jean Cadroy, l’actuel directeur des Systèmes d’Informations, qui supervise également les projets de transformation du métier dans un contexte d’évolutions réglementaires avec pour objectif de renforcer la dynamique de croissance de SGSS. Enfin, les fonctions support avec Jean-Claude Martinez, l’actuel directeur administratif, qui supervise les fonctions supports de SGSS, ainsi que S2E, la co-entreprise du groupe Société Générale en matière d’épargne salariale. «Au travers de cette nouvelle gouvernance, SGSS vise à accélérer son développement dans l’industrie des Titres et ainsi à consolider sa position parmi les trois premiers acteurs Titres de la zone Europe, Moyen Orient et Afrique», selon le communiqué.

LCL vient de lancer LCL Vision 5 ans (Nov. 2011), un placement dédié à la clientèle de particuliers de la banque qui repose sur une obligation dite « à formule » d’une durée de 5 ans, émise par dnA (société d’Amundi Group) et garantie par LCL. A l’échéance, le capital investi est garanti. La performance est calée sur celle du CAC 40 (hors dividendes), avec un gain minimum de 20% - soit un taux de rendement annuel brut (TRAB) de 3,71% - si l’indice affiche une performance supérieure à zéro. Avec un CAC 40 dont la performance est comprise entre 20% et 50%, le gain du produit est égal à la performance de l’indice en plus du capital investi (soit un TRAB compris entre 3,71% et 8,45%). Avec un indice en hausse de plus de 50 %, la performance du produit est plafonnée à ce niveau (soit un TRAB de 8,45%).Le niveau initial du CAC 40 est égal à la moyenne des cours de clôture des 28, 29, 30 décembre 2011, 2 et 3 janvier 2012. Le niveau final est égal à la moyenne des cours de clôture des 7,8, 9, 12 et 13 décembre 2016. Caractéristiques : Code Isin FR0011141530 Nature juridique Obligation de droit français Valeur nominale 100 euros le 23 décembre 2011 Minimum de souscription 1 titre (100 euros) Date d’émission 23 décembre 2011 Daté d’échéance 23 décembre 2016 Durée de placement 5 ans Eligibilité Compte-titres et contrats d‟assurance vie Frais sur versements ou frais d’arbitrages en assurance vie Les frais sur versements ou frais d‟arbitrages sont ceux applicables aux contrats d‟assurance vie sur lesquels l‟opération est réalisée. Commissions incluses dans le placementDes commissions de distribution ont été versées à des tiers (LCL, Predica et Amundi). Elles représentent un montant annuel maximum équivalent à 1% du montant de l'émission. Frais de tenue de compte : 20 € l’an

La Société générale a annoncé le 25 novembre la cession à Rhodia de sa participation de 50% dans Orbeo, la société dédiée aux marchés du carbone, détenue à parité par les deux groupes. L’offre CO2 de la banque sera réintégrée au sein de la plateforme énergie en Europe afin d’offrir à ses clients des solutions combinées CO2, gaz, électricité, charbon et pétrole, indique la banque dans un communiqué. Cette transaction s’inscrit dans le programme de cession d’actifs engagé en septembre par la banque afin de réduire la taille de son bilan et renforcer ses fonds propres. La banque va capitaliser sur l’expertise CO2 acquise par ses équipes dans le cadre du partenariat Orbeo et disposera ainsi d’une offre énergie intégrée, donnant aux clients l’accès au marché du carbone tout en leur proposant plus globalement des solutions de gestion du risque énergie, coeur de l’expertise des activités de marchés de matières premières de la Société Générale. La finalisation de cette transaction, qui devrait intervenir fin 2011, est soumise au retrait par l’Autorité de Contrôle Prudentiel de l’agrément d’Orbeo en tant qu’ « entreprise d’investissement ».

BNP Paribas envisage de vendre un portefeuille de private equity pour plus de 700 millions de dollars, selon les informations du Financial Times. La banque, qui n’a pas souhaité commenter l’information, n’a pris aucune décision formelle sur le sujet et le portefeuille n’est qu’une option parmi d’autres, précise le FT.

Suite au partenariat stratégique conclu en septembre avec la société de gestion DPA Invest, Groupama AM annonce officiellement ce vendredi la reprise du fonds de la boutique, DPA Gestion Privée (lire NewsManagers du 07/09/2011), dont l’intégration dans la gamme dépendait de l’autorisation de l’AMF. Rebaptisé Groupama Risk Premium, le fonds est géré en délégation par Olivier Davanne et Thierry Pujol de DPA Invest. Son encours est aujourd’hui est de 10 millions d’euros et devrait «passer à 50 millions d’euros fin décembre, grâce aux souscriptions à venir», prévoit Groupama AM.

AXA France a publié vendredi le rendement net du fonds en euros de ses principaux contrats d’assurance-vie : Arpèges, Excelium, Privilège, Figures Libres, Odyssiel, Expantiel et Optial. Le taux net servi sur le fonds en euros de ces contrats est de 3 % pour 2011. Il est porté à 3,15 % ou 3,70 %, grâce au Bonus Euro +, sous les conditions suivantes (3,70 % si ces deux critères sont respectés) : une épargne minimum de 50.000 euros sur le contrat, et une épargne investie en unités de compte à hauteur de 25 % minimum. Le rendement net du support en euros de la formule « Accumulator Retraite » des contrats Arpèges, Excelium, Odyssiel et Privilège est fixé à 3,70 % pour 2011.

"Les critiques restent cependant vives contre Bruxelles. « Il est regrettable que l'interdiction des "inducements" [rémunérations incitatives] n'ait pas été préalablement débattue afin de mieux prendre conscience à la fois du caractère limité de cette mesure dans le renforcement des règles de protection des épargnants et des spécificités pays dans la distribution des fonds d'investissement », souligne cependant Jean-Baptiste de Franssu, président d'Incipit, société de conseil en fusions-acquisitions et stratégie dans la gestion pour compte de tiers. D'un Etat à l'autre, le paysage change en ef

The South African Nick Price, head of emerging markets since 2009 and an emerging markets portfolio manager since 2005, is the manager of the fifth product of the Fidelity Active Strategy (FAST) range, entitled Emerging Markets. It is a long/short fund which invests in equities from Asian, Latin American, Central and Eastern European and African countries. The fund, launched on 31 October, is available for sale in Germany immediately.CharacteristicsName: FAST Emerging Markets Fund A Acc (EUR) Hedged ISIN code: LU0688698975Name: FAST Emerging Markets Fund A Acc (USDISIN code: LU0650957938Front-end fee: 5%Management commission: 1.50%Withdrawal penalty: 1%Minimal initial subscription: USD50,000, USD5,000 thereafter

The British asset management firm HSBC Global Asset Management has received a sales license for Germany from BaFin for the RMB Fixed Income sub-fund of its Luxembourg Sicav HSBC GIF. The fund invests in bonds denominated in Chinese yuan, listed in Hong Kong, which aims to offer subscribers a way to benefit from appreciations in the yuan against the US dollar (see Newsmanagers of 31 October and 24 November).

The Optimal range from Axa IM in Germany has gained the addition of the Luxembourg-registered fund AXA WF Optimal Absolute, launched on 11 July 2011. It is an absolute return, long/short product (see Newsmanagers of 4 October), which comes as an addition to the Optimal Income and WF Optimal Income, both of which products had assets of over EUR1bn as of the end of July.

In Europe, a regulatory tsunami in the wake of the financial crisis may slow the growth of economies in the region, the chairman of the British Investment Management Association (IMA), Richard Saunders, claimed on 25 November at a conference in Brussels. Saunders points out that the European Commission will produce 35 different pieces of proposed legislation which will affect the financial services industry, Money Marketing reports. From his point of view, initiatives such as Packaged Retail Investment Products (PRIPs), and part of the markets and financial instruments directive (MiFID), will have a positive impact. However, some clauses in the MiFID directive, and proposals to tax financial transactions, will have unexpected consequences, and will not satisfy objectives. The speed at which the Commission produces new proposed legislation is “problematic,” as too much time is dedicated to determining whether these new regulatory initiatives are desirable. Saunders also claims that too much attention is given to hedge funds and not enough to banks.

Three ratings agencies – Fitch, S&P and the Japanese ratings agency Ratings and Investment Information (RII) – have announced that the deficit in Japan and its consequence on yields may affect the country’s creditworthiness. RII estimates the likelihood of a downgrade by the end of the year at “50% to 100%,” Agefi reports. In addition to hikes in income taxes (of 2.1%) and businesses taxes, which are expected to bring in JPY10trn, the Japanese government is planning to double VAT, currently 5%, in order to balance the budget by 2016. The IMF suggests that the VAT should be increased to 15%, and be accompanied by reforms to the pension system.

As of the end of 2010, assets in funds, mandates and other sustainable financial products in the German-speaking countries (Germany, Austria, Switzerland) totalled EUR51.9bn, or EUR14bn more than one year earlier. With the addition of deposits at specialist banks and closed-end funds, the total comes to EUR94.5bn, according to the fifth annual report from the Sustainable Investment Forum (FNG), which includes about 160 member firms in the three countries.In Germany and Switzerland, assets in funds, manadates and other financial products have increased 23%, while they have increased by only 17% in Austria. Switzerland was the largest contributor, with EUR33.6bn, followed by Germany, with EUR15.9bn, and Austria, with EUR2.4bn.For funds, mandates and other financial products, institutional investors represent 77% of the total in Germany, and 74% in Austria. Retail investors dominate in Switzerland, with 57% of the total.

The former CEO of Invesco Europe, and president of EFAMA until the end of June, Jean-Baptiste de Franssu, is the CEO of the new Belgian firm Incipit, based in Brussels, Funds People reports. The firm specialists in advising on mergers and acquisitions and management strategy for third parties. Ignites Europe reports that de Franssu is already at work on several dossiers, but did not have any comment about the identities of clients.

David Harding, the founder of Winton Capital, one of the largest hedge funds in London, with USD26bn in assets, has announced that he is in favour of a European tax on financial transactions, the Financial Times reports. “I would be in favour of a low tax on financial transactions, if a part of it went to finance more supra-national regulation of the markets,” he said.

The founder and former chairwoman of the supervisory board at Bank Medici (Vienna), Sonja Kohn, had her assets frozen on Friday by a London court. The court accuses Kohn of supplying the pyramid scheme orchestrated by Bernard Madoff, and of making illicit gains of at least USD56m in disguised commissions, Die Presse reports.The judge also ruled that Kohn and her businesses may not be sued in the United Kingdom, and that the legal actions must take place in Austria and the United States.

Despite an environment that has become highly difficult, Schroders has no plans to reduce its costs, but is instead planning to contain them, says Massimo Tosato, executive vice president of the UK asset management firm, which as of 30 September had GBP182.2bn in assets under management. And the head does not even rule out strengthening personnel in “certain key areas.” Among the asset classes that may be scaled up is infrastructure. In terms of geographical regions, Schroders would like to move into India, Turkey and Russia.

As a part of a drive to develop its asset management activities on the Spanish market, Henderson Property, an affiliate of Henderson Global Investors, has recruited Javier Cuéllar (formerly of Unibail-Rodamco) as a portfolio manager, Funds People reports.In Spain, Henderson’s real estate funds own five major shopping centres, three mid-sized shopping centres, and a logistical platform.

J.P. Morgan Asset Management has received a license from the Beijing city government to create a USD1bn fund denominated in renminbi (Chinese yuan) under the Qualified Foreign Limited Partners program, according to reports in the Wall Street Journal, citing sources familiar with the matter. The fund will be entitled JPM China Private Equity Fund, and will be managed in partnership with the Beijing government.

Cosco recently sold its 20% stake in ICBC Credit Suisse to ICBC. Now, Credit Suisse is transferring a 5% stake in the asset management firm to the bank, which now controls 80% of the capital. The Swiss entity retains a 20% stake in the business, Z-Ben Advisors reports. The sale price has not been disclosed.

Like several other major asset management firms, BlackRock is now offering a complete range of sub-funds which will invest selectively in companies that consistently pay high dividends, within its Luxembourg Sicav BGF.The BGF European Equity Income Fund (LU0562822386), created on 3 December 2010, still has only EUR3.3bn in assets (as of the end of October). It aims for returns at least 10% higher than those of the MSCI Europe index. The range also includes the BGF Emerging Markets Equity Income (LU0651946864, USD3.1bn), the BGF World Resources Equity Income (LU0612318385, USD2.9bn) , and more mature products such as the BGF Asia Pacific Equity Income (LU0414403419, USD485.9m). In addition, there are mandates totalling about USD1bn. In the United States, funds like these already have considerable assets.“It is certain that the current environment is not optimal for risk-taking, but on the other hand, share prices have already integrated a modest recession in Europe. Meanwhile, equities are not expensive currently, and returns in dividends are coming out at about 6%, which is better than the returns on bank savings,” says Richard Urwin, head of asset allocation at BlackRock, at a presentation in Paris. Nigel Bolton, CEO European equities, points out that currently, subscribers need to pay more attention to returns from equities than to their valuations. Interest rates are going to remain near all-time lows for a long time, and the sovereign debt crisis in the euro zone has reduced the attractiveness of government bonds.Bolton favours solid tech stocks, niche companies in oil services as well as major oil companies, businesses with a convincing business model which generate significant cash flows, such as Ryanair, and large caps in the agro-business sector.

The largest Chinese sovereign fund, China Investment Corporation, is planning to invest in infrastructure in developed countries, especially the United Kingdom. The USD410bn Chinese fund is “hoping to team up with fund managers, or to participate in a public-private partnership in the UK infrastructure sector, as an equity investor,” says Lou Jiwei, in an opinion piece in the Financial Times on Monday. “Currently, infrastructure in Europe and the United States badly need more investment,” he adds.

Miguel Morán, recruited this summer, has been appointed as president of Barclays Wealth Management for Spain (EUR3bn in assets), replacing Carlos Pérez Parada, who left the business at the end of October. The new president comes from PricewaterhouseCoopers. He was previously CIO of DWS Investments and N mas 1 in Spain.

Stefan Kaiser, director at iShares, claims that securities lending activities at BlackRock have brought additional revenues for the firm and for subscribers, while respecting conservative risk parameters, eFundresearch reports.BlackRock relies on the PRISM securities lending and trading system, which is focused on four areas: supply management, demand capture, results of research, and market information. The system provides a readable relative pricing list which allows the operator to select the appropriate trading strategy either to make better use of capacity, or to increase commissions earned.Empirically, additional returns from securities lending between April 2009 and April 2011 for Irish funds was 14.8 basis points for BlackRock, compared with an average of 7 basis points for the market overall.

Following a strategic partnership signed in September with the asset management firm DPA Invest, Groupama AM on Friday officially announced that it has brought the boutique’s fund DPA Gestion Privée (see Newsmanagers of 7 September 2011) into its own product range, after approval from the AMF. The fund will be renamed as Groupama Risk Premium, and is managed under an outsourcing contract by Olivier Davanne and Thierry Pujol at DPA Invest.

What are the preferred stocks of hedge funds? Tech and financial shares, according to a study by Meena Krishnamsetty, co-founder of the hedge fund data provider Insider Monkey, whose findings have been published by the Wall Street Journal. The data used for the study was disclosed on a quarterly basis by hedge funds, 45 days after the end of each period; here, up to the end of September this year. It finds that hedge funds tend to retain its investments in these shares for at least one or two quarters, despite everything.Of the ten shares most often cited by hedge funds as of the end of September, the top three are, in order, Apple, which features in the portfolios of 103 hedge funds, Google (79 hedge funds), and Microsoft (76). Apple was at the top of the rankings in 2010, and then lost ground, before returning to the top spot in June. However, it is the first time that Google has been in such a high place in the rankings, to the detriment of Microsoft, which as lost one place since the previous quarter.They are followed by financial sector businesses, with Citigroup (75), JP Morgan (64) and Bank of America (62), followed by Pfizer (60) and General Motors (59). At the end of first quarter 2011, Citigroup was at the top of the rankings, but since then, its shares have been affected by the euro zone debt crisis. In ninth and tenth place are Qualcomm (58) and Wells Fargo (57), where Warren Buffett and John Paulson have the two largest exposures.

The British asset management firm Ignis Asset Management is planning to register its Ignis Absolute Return Government Bond Fund, an absolute return long/short bond fund investing in the most liquid and best-rated government bonds, with the CNMV in the next few weeks, Funds People reports. The product (see Newsmanagers of 2 March) aims for total volatility of 3% to 6%.

The Netherlands-based Rabobank on Friday evening announced that it is selling its 46.07% stake in the the Basel-based private bank Banque Sarain, with 68.63% of voting rights for CHF1.04bn, to Brazil-based Safra. The sale is taking place at a price of CHF7.20 per A-class share, and CHF36 per B-class share. On the basis of the announced assets of Sarasin as of the end of June (CHF101.6bn, 1,600 employees), Safra, whose assets total USD109bn, is paying the equivalent of 2.25% of assets for the stake it acquires, but also obtains a majority interest. On the basis of voting rights, Safra is paying only 1.49%. The board of directors and executive board at Sarasin have welcomed the deal. Julius Baer and Raiffeisen also had wanted to buy Rabobank’s stake.

John Owens is planning to leave Mirabaud Asset Management after ten years at the firm as head of sales, according to reports in Financial News. The news comes following the recruitment of Paul Boughton and Andrew Blair in the United Kingdom, the website notes.