Pékin évite la panique dans son système financier parallèle. La banque centrale turque joue son va-tout ce soir

La filiale du réassureur a triplé ses actifs pour compte de tiers l’an dernier. Elle anticipe un quasi-doublement cette année, grâce à de nouvelles expertises

Sedgwick Claims Management Services a annoncé sa prise de contrôle par la société de private equity KKR moyennant 2,4 milliards de dollars. Sedgwick est l’une des plus importantes sociétés de gestion de services au personnel des Etats-Unis, assurant aussi bien le suivi de leurs remboursements médicaux, que de leurs prestations en cas d’invalidité.

Le gestionnaire d’actifs britannique a indiqué avoir reçu une offre indicative de la part de la banque canadienne, qui valorise la cible à 697 millions de livres (845 millions d’euros). Les parties sont en discussions avancées selon F&C, qui pense recommander une éventuelle offre ferme à ce prix.

Deux hommes gérant des plates-formes d'échange de Bitcoin ont été inculpés aux Etats-Unis pour avoir tenté de vendre l'équivalent d’un million de dollars dans cette monnaie virtuelle à des utilisateurs du site internet Silk Road, fermé par les autorités, selon le parquet de Manhattan. Ils sont accusés de tentative de blanchiment d’argent en bande organisée et de commerce illégal de monnaie.

Jean-Luc Vitré, Directeur des placements financiers du Régime Social des Indépendants (RSI), expliquait à Option Finance les derniers arbitrages au sein de son portefeuille : Cet été, nous avons pris une partie de nos profits sur les marchés d’actions européennes et américaines que nous avons ensuite réinvestis sur du high yield euro et américain. Cet arbitrage a eu pour but de baisser notre budget de risque, tout en maintenant notre objectif de rendement sur le long terme. Dernièrement, nous avons continué d’augmenter notre expansion sur les gestions visant à réduire la volatilité. Dés 2011, nous avons décidé de rendre le portefeuille convexe, c’est-à-dire d’essayer de limiter les impacts en cas de baisse des marchés, quitte à ne pas participer à toutes les hausses. Nous avons donc renforcé nos positions sur des stratégies de type « minimum variance », qui consiste à réduire la volatilité des titres en portefeuilles. Cette année, nous allons continuer à renforcer nos positions sur des stratégies de type minimum variance, consistant à réduire la volatilité de titres en portefeuille ; et certainement à maintenir notre exposition en actions, tout comme davantage diversifier notre portefeuille obligataire en ouvrant nos placements, actuellement cantonnés, à la seule zone euro, à d’autres zones géographiques. Néanmoins, l’année 2014 s’annonce compliquée en termes de politique d’investissement. Comme en 2012, toutes les classes d’actifs ont assez bien performé en 2013, et dans ces conditions, il est toujours difficile de savoir à l’avance quels seront les bons paris de l’année.

State Street Corporation a annoncé lundi avoir été sélectionné par la compagnie d’assurance Ageas pour fournir des services de dépositaire mondial et de comptabilité portant sur 4,5 milliards de dollars d’actifs au Roayaume-Uni. Les prestations concerneront trois entités juridiques d’Ageas UK: Ageas Insurance, Ageas Protect et Tesco Underwriting.

En très peu de temps, Carmignac Gestion a recruté cinq gérants à Londres et y envoie un analyste. Interrogé par Newsmanagers, Didier Saint-Georges explique que ce développement n'est en rien lié à des velléités de délocalisation mais au fait que la capitale britannique regorge de talents. Fort de ces recrutements dont une équipe dédiée à la gestion actions européennes, Carmignac Gestion entend reprendre la main après une année 2013 éprouvante où la décollecte a atteint 2,3 milliards d'euros.

P { margin-bottom: 0.08in; } ING Investment Management (IM) is adding to its teams. The asset management firm has appointed Karim Carmoun as senior director of clients, specialised in distribution, from 24 January. The recruitment will allow the asset management firm to “accentuate its presence serving multi-managers and distributors in France.” Carmoun joined ING IM from Fidelity Paris, where he has been head of key clients since March 2007. He had previously served in a variety of roles in asset management and banking, first at Paribas, and then at BNP Paribas Securities, from 1999 to 20003, before joining Crédit Agricole (2003-2004) and then Fidelity in Luxembourg (2004-2007).

The Spanish asset management firm Bestinver, which has EUR9bn in assets under management, is arriving in France. To that end it recruited Veronica Vieira, a former salesperson and equity analyst, one and a half years ago. It has licensed three funds with the Autorité des marchés financiers (AMF).The products in question are Bestinver Iberian, a Spanish and Portuguese equity fund, Bestinver International, a global equity fund ex Spain and Portugal, and Bestinfund, a fund which allies the other two. All three are housed in a Luxembourg Sicav.Reflecting the entire expertise of the firm, the products are managed with a “value” philosophy, the Bestinver ADN. “We seek good businesses which are managed by good people at a good price,” summerizes Alvaro Guzman de Lazaro Mateos, one of the only three portfolio managers at the firm. The small asset management team includes four analysts.As to the choice of France, which is the first country in which the Iberian asset management firm is setting up commercially, it has been made to favour the “availability” of Veronica Vieira, who knows the firm well, as she worked with them in her past career as a broker.She will be responsible for taking care of current clients, as the firm already has EUR100m in assets in the country, and for making the Spanish asset management firm better known in France. “But we will not actively sell funds,” warns Beltran Parages Revertera, head of investor relations and development. The firm is seeking long-term, and therefore convinced investors, in order to implement its management, Vieira explains. With this in mind, the firm has no declared objective for France in figures.This philosophy is due to the history of the firm, founded first as a family office by the family which owns the Acciona group (which still 100% controls the firm). Now, the capital of the Acciona family represent only about 7-8% of assets, and the firm has 40,000 clients.

P { margin-bottom: 0.08in; }A:link { }The French pension fund FRR on January 24 launched a request for proposal (RFP) for the purpose of selecting a financial manager for its global exposure passive mandate. This mandate is intended to serve as a tool for gaining exposure to all asset classes in which the FRR invests, as needed. In particular, it would be activated to allow for rapid exposure to certain asset classes or in the event that a temporary replacement is needed for a missing or defaulting manager. This RFP is launched as an “closed procedure” under the French Public Procurement Code. Interested asset management firms have until February, 24th 2014, 12 noon (Paris time) to submit a proposal to the FRR pursuant to the terms and conditions specified in the consultation rules governing this type of procedure. All documents related to this RFP are available from the dedicated platform http://marches.fondsdereserve.fr or via the FRR’s website www.fondsdereserve.fr.

P { margin-bottom: 0.08in; } First State will overhaul its global equity fund, First State Global Opportunities, Citywire reports. In a note to investors, the asset management firm announced that it would be transferring the fund to its team based in Singapore, First State Stewart. The fund had previously been supervised by Habib Subjally, who left the firm with a team of 10 people to join RBC Global Asset Management. The fund will be renamed as First State Worldwide Leaders, and its management process will be modified.

Kempen Capital Management will close the Kempen Global High Dividend strategy for new investments on 17 February 2014. This decision has been made because the strategy is rapidly approaching the limits of what the asset management company considers necessary in order to be able to pursue the long-term objectives of participants. The decision to close to new investments was prompted by the need to protect the interests of existing investors. New investments in the Kempen Global High Dividend Fund and the Kempen (Lux) Global High Dividend Fund will no longer be possible. Redemptions of investments in these funds will remain possible. ‘To our team, maintaining a maximum capital is one of the main cornerstones of the quality of the strategy. Exact limits are hard to define. For this strategy, it is currently set at between 2.5 and 3 billion euros. We have now reached this area, which is why we have decided to accept no new investments,’ according to fund manager Jorik van den Bos. ‘Further growth beyond this maximum capacity may jeopardize future performance. This is related to our investment approach; we invest also in smaller companies that contribute significantly to the results of the strategy.’

P { margin-bottom: 0.08in; } Euronext is opening new horizons. The pan-European stock exchange, an affiliate of the US IntercontinentalExchange group (ICE), has launched a new multi-currency trading service for exchange-traded funds, or ETFs, which offers the Chinese yuan renminbi (CNY) and the Hong Kong dollar (HKD). This is a first for a European or American stock exchange. The new service, which will officially open on 17 February 2014, will allow international investors to trade any ETF listed on Euronext in 20 different currencies. “This service facilitates asset inflows for issuers, since it increases their exposure to a deeper pool of global investors,” the market operator says. “They will also not need to create distinct funds with different ISIN codes to list in other currencies.”

P { margin-bottom: 0.08in; } The private equity group KKR and the asset management giant BlackRock are among the candidates to buy a stake in the Chinese asset management firm Huarong Asset Management, the news agency Reuters reports. Among the other potential candidates are Blackstone and Bain Capital, as well as Asian and Middle Eastern sovereign funds. The Chinese asset management firm, which is one of the largest local actors in the processing of sub-prime debt, is planning to sell a stake of about 15% to 20% ahead of a potential IPO. Assets under management at Huarong total over CNY400bn, or about USD66bn.

P { margin-bottom: 0.08in; } As of 31 December, Union Bancaire Privée has announced assets under management of CHF87.7bn (or EUR71.6bn), up 10% compared with the end of 2012. The group has posted consolidated net profits of CHF152m (EUR124m), compared with CHF175m as of 31 December 2012. “Growth in operating profits is due to inflows of funds both from private and institutional clients, good management performance, and effects of synergy related to acquisition,” UBP states. Earnings from activities have held steady at CHF694m (EUR566m), compared with CHF691m in 2012. It is characterised by a reduction in interest margins of CHF14m compared with 2012 (-9%), offset by commissions, which totalld CHF460.6m (EUR375.9m), up by CHF25.5m compared with 2012 (+6%).

P { margin-bottom: 0.08in; } China’s wealth management market will hit USD12 trillion in assets by 2014, compared with USD9.5trn in 2012, according to the consulting firm Celent. This would be a continuation of the growth observed in the past few years, at a time when the regulatory environment has remained relatively stable. But this year, as a new team come to power, the maket now faces multiple challenges, including rate deregulation, the entrance of nonbanks into wealth management, asset securitization, and globalization of investments. In terms of investment, Customer requirements have also changed; for example, 46% of high net worth individuals plan to invest in overseas markets within the next three years. Financial institutions themselves, and not only banks, are taking an interest in this wealth management market. It is in this way that assets placed in trusts have increased from USD321bn in 2009 to USD1.077trn in 2012. According to Celent, assets placed with firms whose range is highly diverse may total as much as USD1.6trn by 2015. Assts at private banks have increased from USD300bn in 2009 to USD547bn in 2012. Celent predicts that assets will rise by nearly USD1trn by 2015, as many banks move into this highly promising private banking niche.

P { margin-bottom: 0.08in; } Source on Monday announced the launch of the Source Goldman Sachs Equity Factor Index World UCITS ETF. The fund is exposed to an innovative index developed by Goldman Sachs, which aims to outperform traditional equity indices, weighted by market capitalisation. The Goldman Sachs Equity Factor World Net TR index offers global and diversified exposure to the equity market, favouring five well-identified factors on equity markets: low beta, size, value, momentum and quality. It aims to earn significant outperformance compared with cap-weighted indices, both in absolute value and in risk-adjusted figures. The Source Goldman Sachs Equity Factor Index World UCITS ETF comes as an addition to the beta plus products already on sale from Source. “Investors are increasingly seeking an alternative to indices weighted by capitalisation. Academic research recognizes the importance of combining these market factors, but it previously had no way to combine them to provide outperformance in the form of an ETF,” says Ted Hood, CEO of Source. “We noted significant inflows to our added-value ‘beta plus’ products in the year 2013, and we are delighted to be able to extend our range in this area.” The Source Goldman Sachs Equity Factor Index World UCITS ETF is listed on the London Stock Exchange in US dollars. Management fees total 0.65% per year.

P { margin-bottom: 0.08in; } The founder of Fundsmith, Terry Smith, is planning to launch an investment trust dedicated to emerging markets this year, Investment Week reports. The Fundsmith Emerging Equities fund will invest largely in companies listed on emerging markets. It will use the same strategy is the Fundsmith Equity fund, the companies in whose portfolio, based in Europe and North America, derive 32% of their revenues from emerging markets. The Fundsmith Equity fund, launched in November 2010, has GBP1.6bn in assets under management, and returns of 54.8% in the three years to 23 January, compared with an average of 22.6% for the Global sector.

P { margin-bottom: 0.08in; } Nordea Investment Funds has recruited Francesco Piraino for its Italian team, Bluerating reports. The veteran of Zurich Life Asurance will be responsible for commercial development, particularly serving retail clients. Nordea AM sells 64 sub-funds of its Sicav in Italy. The country head is Fabio Caiani.

P { margin-bottom: 0.08in; } Sulev Raik and Alo Kullama have pulled back from the management of the SEB Eastern Europe Small Cap fund, with assets of EUR92m, Citywire Global reports. The team will be replaced by the equity analyst Marko Daljajev. Raik and Kullama will nonetheless remain managers of the SEB Growth fund. Raik is also manager of the SEB Osteuropafond and SEB Russia, whiel Kullama oversees the SEB Sicav 1 – Eastern Europe ex Russia.

P { margin-bottom: 0.08in; }A:link { }The third week of 2014 saw emerging markets equity funds extend their longest outflow streak since 2002 as currencies in Turkey, South Africa, the Ukraine and Argentina began to buckle, driven to multi-year lows by expectations that the US Federal Reserve’s ‘tapering’ of its current quantitative easing program (QE3) spells trouble for countries with structural and policy issues.Investors looked instead to developed markets, with Europe equity, bond and money market funds taking in over USD22 billion during the week ending January 22 and year-to-date flows into Japan Equity Funds pushing over the USD4 billion mark, according to EPFR. US bond funds took in fresh money for the third straight week, something that last happened in mid-2Q13, and UK Equity Funds posted record setting inflows. Overall, equity funds collectively absorbed a net USD6.55 billion versus USD1.9 billion for all bond funds and USD29.7 billion for all money market funds.For the second week running all four of the major developed markets equity funds posted inflows as YTD commitments to this fund group pushed over the USD20 billion mark, some USD2 billion ahead of their total for the comparable period last year, underlines EPFR. In contrast to the first three weeks of 2013, however, Europe and Japan Equity Funds account for 43% and 18% of the total YTD inflows respectively compared to 13% and 2.5% at this point last year. Flows into Europe equity funds again topped the USD4 billion mark as euro-denominated commitments accelerated.

P { margin-bottom: 0.08in; } BNY Mellon Investment Management (IM) is adding to its product range on the Spanish market. The US asset management firm has registered the BNY Mellon Crossover Credit fund, which aims to invest in high yield and investment grade BBB-rated corporate debt, with the CNMV, the local regulator, Funds People reports. The vehicle, launched officially on 3 December as part of the BNY Mellon Global Funds range, will be based on a synthetic indicator composed of two indices: 70% of the iboxx Euro Corporate non-financial BBB index, and 30% BofAML Euro High Yield non-financial BB. The management of the fund will be entrusted to Meriten Investment Management, the corporate bond specialist from BNY Mellon. The BNY Mellon Crossover Credit fund, already registered in other European countries in December 2013, has already amassed over EUR100m in assets under management.

P { margin-bottom: 0.08in; } Without waiting for the release of preliminary results for the first half, which ends on 31 January 2014, Close Brothers has already revealed some figures about its activities. As of the end of December 2013, the first five months of its fiscal year, the firm’s asset management unit has seen an increase in its assets of 4%, to a total fo GBP9.5bn, compared with GBP9.1bn as of 31 July 2013. The firm, listed on the London Stock Exchange, explains this performance as a result both of “positive market movements and net inflows,” without providing more details.

P { margin-bottom: 0.08in; }A:link { } Schroders has transferred a large portion of its pension fund assets, representing GBP870m, from equities to bonds, the Financial Times reports. Others are expected to imitate the asset mangaement firm, after a long period of rising equity markets, the FT estimates.

Selon un rapport de l’Organisation de Coopération et de Développement économiques (OCDE) cité par l’hebdomadaire allemand Wirtschaftswoche, les banques européennes ont une insuffisance de fonds propres de 84 milliards d’euros au total. La situation est la plus tendue pour le Crédit Agricole qui affiche un déficit de capitaux de 31,5 milliards d’euros, suivi de Deutsche Bank et Commerzbank avec des déficits de fonds propres de respectivement 19 milliards et 7,7 milliards d’euros, selon le magazine.

First State va remanier son fonds actions mondiales, le First State Global Opportunities, rapporte Citywire. Dans une note aux investisseurs, la société de gestion a indiqué qu’elle allait transférer la gestion du fonds à son équipe basée à Singapour, First State Stewart. Jusqu’ici, le fonds était supervisé par Habib Subjally qui a quitté la société avec une équipe de 10 personnes pour rejoindre RBC Global Asset Management. Le fonds sera aussi renommé First State Worldwide Leaders et son processus de gestion sera modifié.

Nordea Investment Funds a recruté Francesco Piraino dans son équipe italienne, rapporte Bluerating. Cet ancien de Zurich Life Assurance s’occupera du développement commercial, notamment auprès de la clientèle des particuliers.Nordea AM distribue 64 compartiments de sa Sicav en Italie. Le responsable pays est Fabio Caiani.

Comme annoncé dans Newsmanagers la semaine dernière, ING Investment Management (IM) vient de nommer Karim Carmoun au poste de directeur de clientèle senior, spécialiste de la distribution, à compter du 24 janvier. Ce recrutement doit permettre au gestionnaire d’actifs «d’accentuer sa présence auprès des multi-gérants et distributeurs en France».Karim Carmoun rejoint ING IM en provenance de Fidelity Paris où il était responsable des grands comptes depuis mars 2007. Auparavant, il avait occupé différentes fonctions dans la gestion d’actifs et la banque, d’abord chez Paribas, puis BNP Paribas Securities de 1999 à 2003, avant de rejoindre le Crédit Agricole (2003 – 2004) puis Fidelity au Luxembourg (2004-2007).

Federal Finance Gestion annonce le lancement d’Autofocus 8, un fonds à formule à capital non garanti. Disponible en assurance vie, PEA et compte-titres ordinaires, ce FCP s’adresse aux investisseurs «cherchant une solution alternative aux placements risqués en actions pour diversifier leur portefeuille», indique la société de gestion. Il est accessible dès 1.000 eurosSi l’indice CAC 40 est stable ou en hausse par rapport à son niveau initial, le porteur bénéficiera du remboursement de la valeur liquidative de référence auquel s’ajoute un gain potentiel fixe de 14 % l’année 2, ou 21 % l’année 3, ou 28 % l’année 4, ou 35 % l’année 5, en cas de rappel anticipé, ou 42 % à l’échéance des 6 ans.