Jean-Claude Trichet va tirer sa révérence sur une BCE divisée
Certains en son sein n’excluent pas une baisse des taux directeurs en cas de détérioration significative de l’économie dans la zone euro
La question du triple A contraint la mue de l'EFSF
Les débats sont lancés autour d'une transformation du Fonds en banque se refinançant à la BCE
Berkshire Hathaway succombe à son tour à l'idée d'un rachat d'actions
La holding de Warren Buffett avait déjà fait part d'une intention similaire il y a onze ans, sans pouvoir la concrétiser
Citigroup accélère la cadence pour EMI
La banque aurait demandé aux prétendants au rachat de l’éditeur musical de présenter leurs meilleures offres d’ici au 5 octobre. Citigroup a formellement acquis EMI en février avant de mettre en vente la société en juin. Les candidats, sociétés de private equity ou concurrents, pourraient proposer un rachat complet ou partiel, permettant à la banque de récolter plus de 3 milliards de dollars, voire plus de 3,5 milliards selon le quotidien.
La question du triple A contraint la mue de l'EFSF
Les débats sont lancés autour d'une transformation du Fonds en banque se refinançant à la BCE
Odyssée Venture obtient gain de cause en appel
Comme le rapportait hier La Tribune, la cour d’appel de Paris a condamné les sociétés Oddo & Cie SCA, Oddo Asset Management SAS et Philippe Oddo SAS à verser 14,28 millions d’euros à la société de gestion Odyssée Venture SAS. En cause: la commercialisation et la gestion de fonds investis en partie dans les subprimes. Oddo s’est pourvu en cassation.
State Street met la main sur Pulse Trading
Le prestataire de services financiers aux investisseurs institutionnels a conclu un accord pour l’acquisition de Pulse Trading, une société de courtage établie à Boston et recourant à la technologie d’appariement des ordres «block crossing» et de mise au rebut des notes «blotter scraping».
L'indice Ifo recule moins qu'attendu en Allemagne
L’indice Ifo du climat des affaires a enregistré en septembre un recul moins marqué que prévu. Il s’agit toutefois de sa troisième baisse consécutive, ce qui semble suggérer que l’activité de la première économie de la zone euro ralentit. L’indice du climat des affaires, réalisé auprès de quelque 7.000 entreprises, est ressorti à 107,5 en septembre contre 108,7 en août. Le consensus Reuters l’anticipait à 106,5. L’indice Zew du sentiment économique en Allemagne était tombé la semaine dernière à son plus bas niveau depuis décembre 2008 en raison des inquiétudes autour de la crise de la dette.
L'or est en route pour sa plus forte chute en 3 jours depuis 28 ans
L’or était bien parti ce lundi pour subir sa plus importante baisse en trois jours sur les 28 dernières années, les investisseurs se détournant du marché des matières premières afin de se protéger de l’impact potentiel d’un défaut grec sur le reste des pays de la zone euro. Le prix de l’or au comptant se traitait à 1.623,19 dollars l’once vers 13 heures, un recul de quelque 3%. Lors des trois derniers jours, l’or a chuté de près de 10%, sa plus grande baisse dans cette intervalle de temps depuis février 1983.
La croissance irlandaise sans doute à 2% en 2012
Une croissance du produit intérieur brut (PIB) d’environ 2% en 2012 est plus réaliste pour l’Irlande que la prévision officielle actuelle de 2,5%, estime le ministre irlandais des Finances, pour qui un effort budgétaire supplémentaire devra probablement être consenti l’an prochain.
L'inflation dans la zone euro devrait retomber sous l'objectif de la BCE
L’inflation dans la zone euro est sur une trajectoire descendante claire et devrait repasser nettement sous l’objectif de la Banque centrale européenne de 2% selon les dernières projections, a déclaré Patrick Honohan, membre du conseil des gouverneurs de la BCE.
Klaas Knot appelle à créer une autorité budgétaire européenne
Klaas Knot, membre du conseil des gouverneurs de la Banque centrale européenne (BCE), a appelé à la création d’une autorité budgétaire indépendante pour imposer des sanctions aux pays de la zone euro présentant un fort déficit. «Les pays qui ne respectent pas les accords budgétaires européens de manière structurelle et à long terme doivent en fin de compte perdre leur souveraineté économique,» a-t-il déclaré.
Le Portugal voit son activité se contracter de 2,5% en 2012
Le gouvernement portugais prévoit que l'économie affichera une contraction allant jusqu'à -2,5% l’an prochain, ce qui est supérieur à la prévision initiale d’un recul de 1,8% en raison de coupes supplémentaires dans le budget 2012, a rapporté lundi le journal Diario Economico. En revanche, la contraction de cette année, attendue à -2,2%, devrait être moins marquée que prévu et pourrait atteindre -1,8%, d’après le journal.
Un fonds d'urgence élargi pourrait affecter les notes de S&P
Dans un entretien accordé à Reuters, David Beers, chargé des notes des dettes souveraines au sein de Standard & Poor’s , a déclaré qu’on ne savait pas encore comment les dirigeants européens allaient augmenter la capacité d’action du Fonds européen de stabilité financière (FESF). Mais il ajouté que les différents scénarios possibles «pourraient avoir des conséquences en matière de crédit (...)», y compris pour les poids lourds de la zone euro que sont l’Allemagne et la France.
La participation des créanciers à l'échange de dette en Grèce proche de 85%
Le taux de participation des créanciers privés au programme d'échange de titres de dette souveraine grecs s’approche de 85%, soit non loin de l’objectif de 90% fixé en juillet, rapporte le journal Eleftherotypia, citant des sources gouvernementales non identifiées. Dans un autre article, le journal rapporte que le FMI et la Grèce ont évoqué au cours du week-end la possibilité, dans une deuxième phase, d’une décote de 40% à 50%, voire plus, sur les titres de dette grecs.
26/09/2011
“The visibility of LBPAM has increased considerably among key clients”
La Banque Postale AM, which three years ago set itself ambitious goals to increase its market share among key accounts, is well on the way to meeting its objectives, which makes it a challenger in RFPs that the firm's chairman, Jean-Luc Enguéhard, likes. The asset management firm is also extending its fund range, in order to meet the expectations of its clients of all types, with a policy of going out and finding outside expertise when the firm doesn't have it internally.
26/09/2011
Russell launches a new series of strategy indices
Russell Investments on 22 September announced the launch of four new strategy indices which will include indices of US small caps. The strategy indices, whose methodology is similar to the one used for large cap strategy indices launched in May this year, aims to take into account managers’ specific investment disciplines. There are four indices in the new range: Russell U.S. Small Cap Aggressive Growth Index, Russell U.S. Small Cap Consistent Growth Index, Russell U.S. Small Cap Low P/E Index, and Russell U.S. Small Cap Contrarian Index.
26/09/2011
State Street acquires Pulse Trading
State Street has announced the acquisition of the Boston-based brokerage firm Pulse Trading. The transaction will be completed in fourth quarter. Pulse Trading, which is specialised in equities brokerage serving institutional clients, employs 40 people in several locations.
26/09/2011
Ceres publishes recommendations for environmental and social issues
Ceres, an association to promote sustainable development, has published a guide which aims to help investors to handle environmental, social and governance (ESG) issues, which account for an increasing proportion of resolutions at general shareholders’ meetings of US companies. “Investors can no longer afford to ignore or abstain from taking positions on environmental and social challenges which their companies are going to have to confront, particularly in relation to climate change, shortages of water and human rights,” says Mindy Lubber, chairwoman of Ceres and director of the Investor Network on Climate Risk (INCR), which represents about USD10trn in assets. Shareholders should use proxy voting rights to take stands on these issues, but all too often, they don’t do so, due to overly vague voting recommendations. ISS (Institutional Shareholder Services) has compiled a list of over 720 resolutions on environmental and social issues in the past 10 years. Despite the rise of these issues, “the largest asset management firms have often failed to take the occasion to promote key reforms in sustainable development and governance at large corporations, including reforms that would perhaps have prevented the most recent financial crisis,” Ceres claims.
26/09/2011
Richard Walsh leaves Lombard Odier IM
Richard Walsh, the head of emerging debt at Lombard Odier Investment Managers, is leaving the firm after one year. This departure comes at a time when LOIM is strengthening its London-based fixed income expertise by re-locating its emerging market debt team there from Geneva in October 2011. The team will also be reinforced by the appointment of senior portfolio manager Michal Wozniak of JP Morgan, who co-manages an emerging market debt portfolio at JPMorgan Asset Management in London in a team responsible for USD14 billion.LOIM’s credit team made the transition to London in August 2010. Stéphane Monier will remain based in Geneva and be supported from London by Ian Clarke, Deputy Chief Investment Officer for the unit who joined in June 2011 after working as head of fixed income at Abu Dhabi Investment Authority. Michal Wozniak, working with co-fund manager Guilherme Maciel De Barros, will take over management of the LOF Emerging Local Currencies and Bond Fund and the LOF Emerging Market Bond fund. They will be supported by Laurent Moulin, LOIM’s fixed income economist. Richard Walsh was also involved in managing these funds since joining the firm last year.
26/09/2011
SEB AM still planning to reopen redemptions from ImmoInvest fund by the end of this year
Due to sales of properties totalling 86,000 square metres, and acquisitions of 35,000 square metres of properties which will boost the performance of the retained portfolio, the open-ended real estate fund SEB ImmoInvest (DE0009802306, EUR6.32bn) is hoping to be able to reopen redemptions by the end of 2011, though they had been suspended theoretically until 5 May 2012 (see Newsmanagers of 28 April).SEB Asset Management has also explained that sales of assets totalled EUR218m, at an average of 5% above the market value of the properties. Other sales will soon be announced, which will allow the fund to take on sufficient liquidity to be able to guarantee a sustainable reopening of redemptions.As of 31 August, the fund had earned annualised returns of 1.7% since the beginning of the year, and 3.8% per year in the past five years, compared with averages of 1.1% and 3.6% for all German open-ended real estate funds, according to the BVI association of asset management firms.
26/09/2011
Sal. Oppenheim launches an absolute return equity fund
Via its asset management affiliate Oppenheim Fonds Trust (OPFT), Sal. Oppenheim is planning to launch the OP Aktien Marktneutral fund, which will be available in institutional and retail share classes. It is a long/short market neutral fund, whose long positions will largely be on European equities and derivatives, and short positions on derivatives.The objective will be to generate higher returns than the money markets, via active quantitative management.CharacteristicsName: OP Aktien Neutral I (institutional share class)OP Aktien Marktneutral R (retail share class)ISIN codes: DE000A1JBZ69 (I shares)DE000A1JBZ51 (R shares)Launch: 4 October 2011Fund Management firm: Oppenheim KAGFront-end fee:0 % (I shares)3 % (R shares)Depository banking commission: 0.05%Management commission:0.50 % (I shares)1% (R shares)Performance commission: maximum 20% of performance exceeding the Euribor +200 basis pointsMinimal subscription:EUR50,000 (I shares)EUR100 (R shares)
26/09/2011
Klimek launches a LFP fund investing in asset management firms
Klimek Advisors Fund Consulting has announced the release of the LFP Klimek Advisors Dolphin Fund in Germany. The fund, launched on 30 June 2011, is managed jointly by the French asset management firm La Française AM (previously known as UFG-LFP) and Klimek Advisors. The portfolio of the UCITS IV product, with 20 to 30 positions, is invested in shares in listed asset management firms, which earn at least 75% of their profits from management commissions charged to clients. These include firms such as BlackRock, Schroders and Invesco.
26/09/2011
Cattolica and BPVI dissolve their asset management joint venture
In early September, Cattolica Assicurazioni and Banca Popolare de Vicenza dissolved their joint venture in asset management, BPVI Fondi Sgr, founded four years ago, Bluerating reports. Cattolica will take over its assets of EUR3bn, and BPVI Fondi Sgr will be 100% integrated into Banca Popolare di Vicenza.
26/09/2011
Sergio Ermotti becomes interim Group CEO of UBS
On Saturday, the UBS Board of Directors accepted Group CEO Oswald J. Grübel’s decision to resign from the bank and asked Sergio P. Ermotti to take up the position of Group CEO on an interim basis, the appointment taking effect immediately. According to the press release, «the Board regrets Oswald Grübel’s decision. Oswald Grübel feels that it is his duty to assume responsibility for the recent unauthorized trading incident. It is testimony to his uncompromising principles and integrity». And «the Board is deeply disappointed by the recent loss arising from unauthorized trading. It will fully support the independent investigation and will ensure that mitigating measures are implemented to prevent such an incident from recurring."Elsewhere, «the Board reconfirmed the Group’s integrated strategy, with its wealth management, investment bank, asset management and Swiss retail and corporate businesses as essential and complementary pillars of UBS’s unique client franchise. The Board of Directors has asked the Group Executive Board to accelerate the implementation of the Investment Bank’s client-centric strategy, concentrating on advisory, capital markets, and client flow and solutions businesses. This strategy is consistent with the industry’s changing capital requirements and will lead to a reduction in complexity."In other words, Kaspar Villiger, chairman, explained that «the Investment Bank will be less complex, carry less risk and use less capital to produce reliable returns and contribute more optimally to UBS’s overall objectives.»
26/09/2011
US money market funds reduce exposure to European banks
La Tribune reports that as of 31 August, exposure to European banks by the ten largest US money market funds analysed by the ratings agency Fitch Ratings had fallen 8% since the end of July, and 27% since the end of May. Exposure totalled USD676bn, the newspaper reports.
26/09/2011
US-based Secor AM opens an office in London
The New York-based asset management firm Secor Asset Management has opened an office in London, to offer advising services to European pension funds, the website IPE reports.Assets advised by the firm, which has nearly 30 employees, total USD7.5bn.Secor AM was founded in August 2010 by Tony Kao, former chief investment officer at General Motors Asset Management, and Raymond Iwanowski, former head of quantitative investment strategies at Goldman Sachs Asset Management.
26/09/2011
AXA has completed the sale of its Canadian business
AXA announced this morning that it has successfully completed the sale of its Canadian operations in Property & Casualty and Life & Savings insurance to Intact Financial Corporation for a total cash consideration of CAD 2.6 billion (or ca. Euro 1.9 billion). In addition, AXA is entitled to receive up to CAD 100 million (or ca. Euro 72 million) in contingent consideration based on profitability metrics over a period of 5 years. This transaction generates an exceptional capital gain of approximately Euro 0.9 billion, which will be accounted for in Net Income.
26/09/2011
Canada's CI Financial ready for external growth
The depression on equities markets is hitting many small North American asset management firms hard, creating a promising market for companies seeking acquisitions, says Stephen McPhail, head of the Toronto-based asset management firm CI Financial, one of the largest actors in the sector in Canada, the news agency Reuters reports.Assets under management and administration by CI total nearly CAD100bn.McPhail also claims that on the Canadian market, many firms may begin alternative management activities.
26/09/2011
102 foreign asset managers have products on sale in Spain
Since the beginning of this year, 14 foreign asset management firms have registered funds with the CNMV for sale in Spain, while 24 firms use “paratroopers,” i.e. heads of sales who commute regularly to Spain without being based there.Among the French firms, Amundi, Axa IM, Lyxor Asset Management, Natixis AM and UFG-LFP, Neuflize Private Assets and Mandarine are the most recent to release products in Spain.