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31/01/2014

Generali Investments Europe launches a Southern Europe equity fund

P { margin-bottom: 0.08in; } Generali Investments Europe has announced the launch of a new sub-fund of its Luxembourg-registered Generali Investments Sicav (GIS). The GIS European Recovery Equity Fund, which is aimed at professional investors, invests in equities from companies of Southern Europe. It privileges Spain, Portugal, Italy and Greece. “The economic situation in Southern Europe currently benefits a structural adjustment after a slowdown in GDP growth in the past few years. The first signs of recovery are synonymous with opportunities throughout this region,” says Santo Borsellino, chief executive officer at Generali Investments Europe. Although the fund has no constraints in terms of cap sizes, it has a small and midcaps bias, in a conviction portfolio concentrated on 35 to 45 positions.
31/01/2014

SEC sues an adviser for tweets

P { margin-bottom: 0.08in; }A:link { } The Securities and Exchange Commission has filed civil charges against Mark Grimaldi, an investment adviser, for misleading investors with his publications and messages on Twitter, the Wall Street Journal reports. Grimaldi was fined USD100,000, and has agreed to improve controls on marketing by the firm. Grimaldi used a newsletter entitled Money Navigator, and others, to solicit clients for his advising firm and a fund, Sector Rotation, which he managed.
31/01/2014

Henderson slows inflows to European Special Situations fund

P { margin-bottom: 0.08in; } Henderson Global Investors is seeking to slow inflows to the European Special Situations fund managed by Richard Pease, whose assets total EUR1.2bn, Citywire Global reports. Although a spokesperson indicates that there are no immediate plans to close the fund to new subscribers, the asset management firm will no longer actively sell the fund.
31/01/2014

SEB AM acquires a property for its Sicav dedicated to Asian real estate

P { margin-bottom: 0.08in; } According to the real estate sector specialist website Businessimmo, SEB Asset Management has acquired a six-storey office and commercial property valued at EUR39m. The property, known as Primegate, was purchased for the SEB Asian Property Fund II SICAV – SIF. The building has 2,015 square metres of commercial and restaurant space, and 1,555 square metres of offices.
31/01/2014

Sweden debates kickbacks

P { margin-bottom: 0.08in; } The structure of fees paid to asset management firms is subject of discussions in Sweden, Fondbolagens Förening repors. The Swedish newspaper Dagens Industri related that bankers and brokers receive more than 50% of total fees which the end client pays in the form of commissions. The Swedish financial regulator FI accuses many players of not publishing kickbacks in an easily comprehensible manner. “The regulatory framework is clear in this area. A business is required to provide information about incitements and advantages to its clients,” says Håkan Dahlberg, who works for the regulator.
31/01/2014

Financière de l’Echiquier granted AIFM license

P { margin-bottom: 0.08in; } Financière de l’Echiquier on 10 December last year received an AIFM license from the French Autorité des Marchés Financiers (AMF), the independent asset management firm announced yesterday. “This license allows the firm to meet the growing requirements of European investors for security, transparency and risk management,” the firm says in a statement. The AIFM directive, which was transposed into French law on 22 July 2013, aims to harmonize the regulatory framework for asset management, firstly for the management of alternative investment funds. With this valuable license, Financière de l’Echiquier, a long-only asset manager, will be able to strengthen its best practices in three areas: reporting to client and the regulator, monitoring and management of risks, and lastly, remuneration policy. “The AIFM license validates our ambition to respond to the needs of an always growing client base,” Didier Le Menestrel, chairman of Financière de l’Echiquier, which now has EUR7.3bn in assets, says in a statement.
31/01/2014

Blackstone increases its assets by 26%

P { margin-bottom: 0.08in; } In 2013, Blackstone has seen an increase in its assets of 26%, to USD266bn. This is largely the result of net inflows, which totalled slightly over USD22bn. As of the end of 2013, Blackstone had a total of USD65bn in assets under management in credit, USD55.7bn in hedge fund solutions, USD79.4bn in real estate, and USD65.7bn in private equity. Its economic net income totalled USD3.5bn for the year.
31/01/2014

Profits at Invesco up 81% in fourth quarter

P { margin-bottom: 0.08in; } Invesco has finished the year 2013 in flying colours. In fourth quarter, profits at the US asset management firm were up 81.1%, to USD287.4m, compared with USD158.7m one year earlier. For the year 2013 as a whole, its net profits total USD940.3m, up by 38.9% compared with 2012. Last year, assets were up 16.7% to a total of USD778.7bn. This growth was particularly supported by solid net inflows, which totalled USD34.4bn for the past year overall. In fourth quarter alone, assets were up by USD33.2bn, driven by USD5.2bn in subscriptions in the last three months of the year.
31/01/2014

JP Morgan liquidates an emerging markets fund

P { margin-bottom: 0.08in; } According to Citywire Global, JP Morgan has informed its shareholders of its intentions to liquidate its multi-asset class emerging market fund on 26 February this year. In a letter sent to invetors, the US asset management firm explains its decision as a result of the fact that assets in the fund have fallen below a level which renders their management pertinent. According to Lipper data, the JP Morgan Emerging Markets Multi-Asset fund, domiciled in Luxembourg, had USD1.89m in assets as of the end of December 2013, far off its peak in September 2012, when its asstes totalled EUR8.4m.
31/01/2014

Henderson GI posts inflows and grows in France and Europe

The year 2013 finished very well for Henderson Global Investors in France, with inflows of EUR600m, Patricia Kaveh, director of development at Henderson GI for France, Monaco and Geneva, has told Newsmanagers, at a press seminar held by the British asset management firm in London.Assets under management as of the end of the year 2013 totalled EUR2.2bn, compared with about EUR1.5bn as of the end of December 2012. “The year 2014 has started well, as we already have more than EUR100m in subscriptions,” Kaveh says. With the turnover in assets favouring equities since July, inflows in 2013 were largely to equity assets, but credit has not seen outflows.On the strength of these results, Kaveh is expected to make two recruitments soon to reinforce the Paris office, one of whom will be entirely dedicated to the Geneva office.More generally in Europe, Henderson Global Investors, which this year celebrates its 80th birthday, is planning to continue its international development, particularly in Europe. In particular, Henderson would like to strengthen its presence serving wealth management advisers in Italy, which may involve doubling current personnel from five, Steven de Vries, head of continental Europe at Henderson Global Investors, tells Newsmanagers.These plans may take come time. In the short term, Henderson GI is working to recruit a team for equity management in the United States, which may be completed during the year. “This is a priority for 2014,” says de Vries.
31/01/2014

S&P launches an index on domestic demand in emerging markets

S&P Dow Jones Indices has announced the launch of the S&P Emerging Markets Domestic Demand Index which is designed to measure the performance of companies that capture a major engine of growth within the emerging markets – domestic demand. To qualify for membership in the S&P Emerging Markets Domestic Demand Index, a stock must be a publicly traded company domiciled and incorporated in the following emerging market countries: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Thailand, or Turkey, and be listed on the primary stock exchange of its respective country.The Index consists of the following: common stocks listed on the primary exchanges of emerging markets, ADRs listed on U.S. exchanges, and GDRs listed on European exchanges. Constituents consist of 50 emerging market securities from the following sectors as classified according to the Global Industry Classification Standard (GICS®): Consumer Staples, Consumer Discretionary, Telecommunication Services, Healthcare, and Utilities.The S&P Emerging Markets Domestic Demand Index uses a modified market capitalization weighting scheme. Index composition is reviewed annually in September.
31/01/2014

Assogestioni wants to restart the debate over complementary retirement planning

P { margin-bottom: 0.08in; } The Italian association of asset management professionals, Assogestioni, has launched an initiative to gather the best ideas in the country, and to open a debate between institutions, the asset management industry, associations, citizens and private and public businesses to relaunch complementary retirement planning in Italy. The initiative, entitled Call4Ideas, was launched in cooperation with ItaliaCamp, an association which supports social innovation and the development of new responses to real questions.
31/01/2014

BlackRock in more trouble in Italy

P { margin-bottom: 0.08in; } BlackRock is reportedly concerned in an investivation which the Italian regulator, Consob, has opened with the Guardia di Finanze, which earlier this week subpoenaed the offices of Mediobanca, Bluerating reports. The investigation, for price manipulation and insider trading, covers two operations in which the Italian bank acted on the market on behalf of third parties: a purchase of shares in Milano Assicurazioni, and a 12% placement of Banca Generali. In the two deals, some investors are said to have been advantaged by having privileged information. Among these are BlackRock, which is already under investigation by Consob in relation to other matters.
31/01/2014

State Street écope d'une lourde amende outre Manche

La Financial Conduct Authority britannique a infligé une amende de 22,9 milllions de livres à State Street pour des manquements constatés dans son activité de gestion de transition. Cette activité consiste à restructurer des portefeuilles de placement, par exemple lorsqu’un institutionnel décide de changer de gérant dans le cadre d’un mandat. Le gendarme financier britannique reproche à State Street d’avoir «développé et mis en oeuvre un stratégie délibérée pour surfacturer substantiellement les clients» sans que ces derniers aient manifesté leur accord.
31/01/2014

L'inflation nippone à un pic de plus de 5 ans en décembre

L’inflation de base, qui exclut les produits alimentaires frais mais inclut les prix de l'énergie, a augmenté au Japon de 1,3% en décembre par rapport à l’an dernier, selon les statistiques gouvernementales publiées ce matin, contre une estimation médiane du marché de +1,2%. Ce rythme, le plus rapide constaté depuis octobre 2008, fait suite à une hausse des prix de 1,2% en novembre. Le taux de chômage est pour sa part revenu à 3,7%, un creux depuis 2007, contre 4,0% en novembre et un consensus de 3,9%.
31/01/2014

L'inflation en zone euro retombe à son plus bas d'octobre

L’inflation a ralenti contre toute attente en janvier, selon une première estimation flash d’Eurostat. Les prix à la consommation ont augmenté de 0,7% au cours du mois contre une hausse de 0,8% en décembre et un consensus de 0,9%. L’inflation retrouve ainsi le point bas touché en octobre, qui avait été un des facteurs déclenchants de la baisse des taux de la Banque centrale européenne (BCE). Le poste énergétique a vu les prix baisser de 1,2% en janvier, tandis que les prix alimentaires ont augmenté de 1,7%.
31/01/2014

Le marché immobilier américain se grippe en décembre

Les promesses de vente de logements aux Etats-Unis ont atteint en décembre leur plus bas niveau en plus de deux ans, en raison notamment de la vague de froid qui a paralysé une partie du pays. L’Association nationale des agents immobiliers (NAR) a annoncé hier que son indice des promesses de ventes, calculé sur la base des contrats signés le mois dernier, avait reculé en glissement mensuel de 8,7% à 92,4. La chute est de 8,8% sur un an.
31/01/2014

Financière de l'Echiquier obtient l'agrément AIFM

Financière de l’Echiquier a obtenu le 10 décembre 2013 l’agrément AIFM de l’Autorité des marchés financiers, selon un communiqué envoyé hier. Il s’agit de l’une des toutes premières sociétés de gestion indépendantes françaises à se conformer à cette nouvelle réglementation, dans le cadre de l’application de la directive européenne sur les gestionnaires de fonds d’investissement alternatifs.
31/01/2014

Le Premier ministre grec promet un important excédent primaire

Le Premier ministre grec Antonis Samaras a confirmé hier que la Grèce avait dégagé en 2013 un excédent budgétaire primaire d’un milliard d’euros avant paiement des intérêts et que cela allait lui permettre de consacrer 70% de ce surplus à l’aide accordée aux Grecs les plus démunis. Il a également promis d’aller jusqu’au bout de son mandat en 2016, cherchant à couper court aux rumeurs d'élections anticipées pour 2014.
31/01/2014

Les Etats-Unis finissent l'année en croissance de 3,2%

Le produit intérieur brut (PIB) des Etats-Unis a augmenté de 3,2% en rythme annualisé sur la période d’octobre à décembre, montre l’estimation initiale publiée hier par le département du Commerce. Ce chiffre, conforme aux attentes du consensus, marque un ralentissement par rapport à celui de 4,1% (révisé) du troisième trimestre mais il reste supérieur aux anticipations de l’automne. L’activité a été pénalisée début octobre par le «shutdown» pendant plus de deux semaines de la plupart des administrations fédérales pour cause de blocage budgétaire au Congrès. Cela a amputé d’environ 0,3 point de pourcentage la croissance du PIB. Grâce à une progression de 3,3% en rythme annualisé, sa meilleure performance depuis fin 2010, la consommation des ménages a été le principal moteur de l'économie américaine au quatrième trimestre, tandis que l’effet de restockage a également joué pour 0,4 point de croissance.
31/01/2014

Une vente à Goldman Sachs met à mal le gouvernement danois

La coalition gouvernementale de centre-gauche au Danemark, en place depuis l’automne 2011, a perdu hier six ministres appartenant au Parti populaire socialiste qui proteste contre la vente d’une part du producteur public d’hydrocarbures Dong Energy à la banque d’investissement américaine.
31/01/2014

Les remaniements continuent dans les finances vaticanes

Le pape François a accepté hier la démission du cardinal Atillio Nicora, 76 ans, qui présidait depuis début 2011 l’Autorité pour l’information financière (AIF), créée pour contribuer à la transparence des opérations financières du Saint-Siège. Il est remplacé par l'évêque Giorgio Corbellini, 66 ans, qui a une réputation de réformateur au sein de l’administration vaticane.
31/01/2014

La Libye porte plainte contre Goldman Sachs

La Libyan Investment Authority a porté plainte contre la banque américaine la semaine dernière auprès de la Haute Cour de Londres, réclamant l’annulation de transactions sur dérivés opérées de janvier à avril 2008 et le remboursement des primes versées, selon Reuters qui a consulté hier le document. Le fonds souverain juge que l'établissement a réalisé un profit «anormalement élevé» d’environ 350 millions de dollars sur ces transactions, devenues sans valeur en 2011.
31/01/2014

La crise des émergents fait monter le yen

La fuite vers la qualité a entraîné une appréciation du yen contre toutes devises, et une contre-performance du marché actions nippon, après ses records de 2013. Une tendance contrariant les desseins de Tokyo et qui pourrait ainsi pousser la BoJ à renforcer son assouplissement monétaire.
31/01/2014

SEB AM acquiert l’immeuble Primegate à Tokyo

Selon le site spécialisé sur l’immobilier, la société de gestion suédoise a acquis à Tokyo un immeuble de bureaux et de commerces de dix étages, dont la valeur de marché représente 39 millions d’euros. Cet actif dénommé Primegate a été acheté pour le fonds SEB Asian Property Fund II Sicav –SIF. Le bâtiment développe 2.015 m² d’espace commercial et de restauration ainsi que 1.555 m² de bureaux.

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