Le FMI s'inquiète de la faiblesse persistante de l'inflation en zone euro
Celle-ci pourrait obliger l’institution à revoir à la baisse son scénario de reprise lente dans l'union économique et monétaire
Les hedge funds baissent leurs frais
Les fonds alternatifs font évoluer leur structure de commissions, avec un recul des frais de gestion pour les nouveaux véhicules. La tendance se poursuivra en 2014.
Les fonds alternatifs font évoluer leur structure de commissions
Selon le cabinet HFR, les nouveaux hedge funds devraient continuer à se montrer à l’avant-garde de ce phénomène, avec une baisse des frais de gestion
BPCE se démarque sur le marché suisse
La Caisse d’Epargne Rhône-Alpes lance une filiale à Genève, la Banque du Léman. Celle-ci se cantonnera à la banque de détail, excluant la gestion privée ou encore le financement des matières premières, à la différence des stratégies suivies par les autres banques françaises.
La Banque de Chine pilote sa politique monétaire en eaux troubles
Les tensions sur le marché interbancaire chinois se multiplient avec l'accroissement des besoins de liquidités des banques et la hausse des taux
Le projet de titrisation de Place se précise
A l’issue d’un appel d’offres, Euro-titrisation a été choisie comme société de gestion et BNP Paribas Securities Services comme dépositaire pour le véhicule de Place dédié à la mobilisation des créances privées. La première émission est censée être lancée d’ici à la fin du trimestre.
Le projet de Place de titrisation des créances privées se précise
Eurotitrisation et BNP Paribas Securities Services accompagneront le projet. La première émission pourrait intervenir d'ici à la fin du trimestre
Les actionnaires de Colonial approuvent l'augmentation de capital
Réunis en assemblée générale, les actionnaires de Colonial ont donné mardi leur feu vert à une augmentation de capital de 1 milliard d’euros au maximum. L’opération doit donner au conglomérat espagnol Villar Mir une participation de 29,9%. Ce dernier, ainsi que deux autres investisseurs, ont exigé que Colonial ne cède pas plus de 20% du capital de SFL, dont il est actionnaire à hauteur de 53% du capital.
Apicil ne projette pas de réaliser de nouveaux appels d'offres en 2014
Bertrand Jounin, Directeur de la gestion d’actif d’Apicil, à la rédaction de www.institinvest.com : « Nous avons déjà fait des appels d’offres l’an dernier, donc il n’y a pas de raison particulière d’en faire d’autre cette année. Concernant l’assurance de personne, nous souhaitons gérer le plus de choses possibles en interne. C’est plus clair et cela renforce davantage Solvabilité II. Le seul domaine dans lequel nous cherchons des idées, c’est le monétaire. Pour le moment, nous passons par une multitude d’OPCVM et je ne suis pas sûr que cela soit optimal. Le besoin en monétaire n’est pas tellement la rémunération, car elle est à peu prés nulle. Nous sommes davantage dans un domaine où notre besoin est un besoin de diversification, plus que de rémunération. Actuellement, tous les OPCVM font à peu prés la même chose, et nous les maîtrisons assez mal. Donc cela ne me paraît pas optimal. Je n’ai pas encore trouvé la formule, mais j’y travaille. Le but est de ne pas additionner les risques, en particulier avec les portefeuilles obligataires. Nous continuons à investir davantage dans les small et mid cap, que dans les large cap concernant la retraite. Ce qui n’est pas le cas sur la partie assurance de personne où le pourcentage en large cap est beaucoup plus important, voire majoritaire. Cela vient du fait que lorsque nous gérons en directe, nous intervenons objectivement sur moins de compagnies. En ce qui concerne nos gérants, nous sommes globalement assez satisfaits d’eux, à quelques exceptions prés. En revanche, je cherche à réduire les coûts de ce côté-là, d’où l’idée de réduire la part de gestion déléguée. Concernant la retraite, nous venons de remettre en jeu un mandat. Nous allons donc leur laisser le temps de jouer. Il n’y a pas d’appel d’offres à venir. »
La banque centrale turque reste l'arme au pied
La baqnue centrale de Turquie a laissé mardi son principal taux directeur inchangé à 4,5%, et n’a pas touché non plus aux taux de prêts et de dépôts au jour le jour. Malgré la chute de 10% de la devise face au dollar depuis le 17 décembre, date du début du scandale de corruption qui frappe le gouvernement, et l’inefficacité des interventions de la banque centrale sur le marché des changes, celle-ci se tient donc pour l’instant à l'écart des mesures conventionnelles.
Le Livret A et le LDD retrouvent une collecte positive en décembre
La Caisse des dépôts a fait part d’une collecte positive de 0,73 milliard d’euros en décembre pour le Livret A et le Livret de développement durable. Un chiffre qui fait suite à trois mois de décollecte. Sur l’ensemble de l’année 2013, la collecte s’élève à 19,1 milliards, contre 49,2 milliards en 2012. A fin décembre et en tenant compte d’une capitalisation annuelle des intérêts pour 5,5 milliards, l’encours total sur les deux produits atteint 367,2 milliards d’euros. Décembre est généralement un mois de collecte positive car les salariés qui touchent des primes ou des 13ème mois les déposent sur leurs livrets.
Le FMI relève ses prévisions de croissance mondiale
Le Fonds monétaire a revu à la marge à la hausse sa prévision de croissance de l’économie mondiale pour cette année, la relevant de 0,1 point à 3,7%. Alors que l’institution a maintenu à 5,1% sa prévision pour les marchés émergents (dont 7,5% en Chine), elle a relevé de 0,2 point à 2,2% celle pour les pays développés. Le FMI, qui table sur une croissance mondiale de 3,9% l’an prochain, note toutefois que la croissance des pays les plus riches reste inférieure à son potentiel et ajoute la déflation à la longue liste des risques susceptibles de freiner la reprise. Chef économiste du FMI, Olivier Blanchard indique que «le principal facteur à une plus forte croissance est que les freins à la reprise perdent progressivement de leur puissance». Il cite notamment de moindres mesures d’austérité des gouvernements ou un système financier plus sain.
Budapest réduit le rythme de baisse des taux
La banque centrale hongroise a réduit de 0,15 point à 2,85% son taux directeur de dépôt à deux semaines, en citant «l’incertitude liée à l’environnement financier mondial».. La Magyar Nemzeti Bank a laissé entrevoir un potentiel de baisse supplémentaire. La banque centrale a réduit son rythme de baisse, après plusieurs pas de 0,2 point
L'activiste Third Point s'invite chez Ally Financial
Le hedge fund activiste Third Point a révélé dans sa lettre trimestrielle à ses investisseurs qu’il avait amassé lors des six derniers mois une position de 9,5% au capital d’Ally Financial, spécialiste américain du financement automobile. Le fonds de Daniel Loeb a sans doute profité du retrait du Trésor américain, qui détient encore 37% d’Ally Financial après le renflouement du groupe lors de la crise financière.
21/01/2014
Threadneedle recruits a US equity manager from JP Morgan AM
Threadneedle Investments has hired Nadia Grant as fund manager US equities. She joins Threadneedle on 3 February 2014 from JP Morgan Asset Management, where she was a portfolio manager focusing on US equities within the global multi-asset group, managing over USD5bn in multi-asset solutions.Nadia Grant will report to Cormac Weldon, head of US equities and will be based in London. Her recruitment brings Threadneedle’s US equities team to a total of 12, with four fund managers and six analysts. Threadneedle manages over EUR13 billion in US equities.
21/01/2014
Aberdeen AM may change its auditor
P { margin-bottom: 0.08in; } Aberdeen Asset Management will in 2015 put its auditing contract with KPMG, with whom it has been working for 30 years, up for grabs, Financial Times fund management reports. The decision by the British asset management firm comes after the publication of a report by the Competition Commission in the United Kingdom last year, calling for a required turnover of auditors. KPMG made GBP1.3m from Aberdeen in 2013 and 2012.
21/01/2014
JPMorgan AM adds to sales team in United Kingdom
P { margin-bottom: 0.08in; } JP Morgan Asset Management (AM) has announced the recruitment of Andrea Hohlachoff as head of insurance and platforms on its funds sales team in the United Kingdom. The former head of investment solutions for Europe, the Middle East and Africa at SEI, Hohlachoff will aim to develop strategic partnerships with insurers, wrap platforms and fund supermarkets. She will report directly to Andrew Larkin, head of global strategic relationships.
21/01/2014
Belgians have never been so rich
P { margin-bottom: 0.08in; }A:link { } Total financial assets of Belgians reached a record EUR1.0578trn at the end of third quarter 2013, compared with EUR1.0476trn as of the end of June 2013, according to statistics released by the Belgian national bank. The increase in assets of over EUR10bn is largely due to growth in the stock markets over the summer. The growth of the financial markets has “positively affected the valuation of financial assets primarily in the form of equities, shares in OPCs and insurance products,” the national bank says, also adding that retail investors have continued to reduce the proportion of bonds in their portfolios. Deducting household debt (EUR219.4bn), the net financial wealth of Belgians totalled EUR838.4bn at the end of the month of September, which represents in increase of EUR9.2bn in third quarter.
21/01/2014
Harry Dixon takes over GLG UK Income Fund
P { margin-bottom: 0.08in; }A:link { } Henry Dixon, who joined the group last September, will now manage the British equity flagship fund from GLG, the GLG UK income fund, Investment Week reports. Since the announcement of the departure of John White last year, the fund, whose assets total GBP65m, have been managed temporarily by Nick Judge and Charlie Long. Dixon will seek to improve returns from the fund, which has earned returns of 87.9% over the past five years, slightly less than the average returns of 94.2% for the IMA sector (UK Equity Income). The fund is also below the competition over shorter periods.
21/01/2014
BVI extends powers of its mediator
P { margin-bottom: 0.08in; }A:link { } The Office of the mediator for investment funds (Ombudsstelle für Investmentfonds), founded on 1 September 2011 by the German BVI association of asset management firms, is seeing its competences reinforced. The mediator can now judge cases between consumers and asset management firms for total damages of up to EUR10,000. The office can offcer a non-binding poinion for sums exceeding EUR10,000.
21/01/2014
AIFM directive not met by asset management firms
P { margin-bottom: 0.08in; }A:link { } Asset management firms are far from having taken all the necessary actions to obtain the AIFMD label. Six months before the new regulations come into effect, set for 22 July, less than 20% of hedge fund managers have made an official request to their local regulators to obtain AIFMD authorization, according to a study undertaken by BNY Mellon of 50 companies operating in Europe, the United States, Asia, and Latin America. Only 19% of respondents had submitted an application to obtain AIFMD authorization in the course of the year 2013. The study also finds that 41% of those surveyed said they planned to submit such a request in the course of first quarter 2014, while 20% of them say they want to make such a move in the three months preceding the deadline on 22 July. Meanwhile, the survey also finds that the cost of implementing the AIFMD directive is estimated at about USD300,000.
21/01/2014
Ivaldi Capital recruits from Morgan Stanley
P { margin-bottom: 0.08in; }A:link { } The alternative asset mangement firm Ivaldi Capital, based in Singapore, has announced the recruitment of three partners for its team, Citywire reports. Ivaldi has recruited Robert Hart, a speicalist in long/short equity strategies, who has recently joined the Singapore team to manage a long/short fund dedicated to real estate. Hart previously worked at Morgan Stanley in Hong Kong. The other two recruits will join the Longon offices. John Karlsson, previously executive director in the risk management division of Morgan Stanley in Hong Kong, will become head of a team in charge of risk management. James Oliver, previously co-head of trading at GLG in London, will set up and lead the team responsible for trading.
21/01/2014
Man and Marshall Wace spared in investigation that rocked BlackRock
P { margin-bottom: 0.08in; } Man Group and Marshall Wace have remained unaffected by an investigation by the New York attorney general to determine whehter US banks provided a selection of asset management firms with warnings about changed in recommendations on stocks, Financial Times fund management reports, citing sources familiar with the matter. The two firms do offer products which are based on the recommendations of brokers. But none were contacted by the US regulators as part of the investigation, which has led BlackRock to announce that it will no longer survey analysts in order to obtain more information about their opinions.
21/01/2014
Axa Real Estate makes EUR1.4bn in trades in 18 months
AXA Real Estate Investment Managers has announced that over the last 18 months it has completed, on behalf of its clients, 11 value-add transactions in 6 European countries for a total volume of EUR1.4 billion.AXA Real Estate’s strategies are primarily focussed on office, retail, logistics, hotel and alternative real estate assets in the principal markets of the United Kingdom, Germany, France and the Nordics, whilst also taking advantage of specific market opportunities in Italy, Spain, Netherlands, Poland and Belgium. Value-add acquisitions already completed in the last 18 months include: the acquisition of the landmark NH Grand Hotel Krasnapolsky in the centre of Amsterdam for EUR157 million; the EUR172 million acquisition of an office portfolio in Barcelona from Generalitat de Catalunya, which was the AXA Real Estate’s first office acquisition in Spain since the global financial crisis in 2008; the acquisition of two prime office and retail buildings at the Bodio Center business park, in Milan, from Aberdeen Asset Management for EUR63.9 million, which represented AXA Real Estate’s largest acquisition in Italy since 2010; the acquisition of an office and light-industrial complex in the ‘Peri-Defense’ district of Paris for EUR61.8 million.
21/01/2014
International funds attract a million investors in Spain
P { margin-bottom: 0.08in; }A:link { } The number of investors in international funds on sale in Spain has topped one million in the country, according to data released in the most recent quarterly bulletin from the CNMV, the Spanish regulator. According to data released for the end of September, the reuglatory authority counted precisely 1,001,473 participants in foreign management funds, or 22.14% more than in September 2012. Total assets registered in foreign funds on sale in Spain for the first time topped EUR50bn as of the end of September 2013, for growth of 32% compared with September 2012, and 33.5% comapred with the end of 2012. Unsurprisingly, the CNMV has observed a significant rise in the number of international collective management institutions registered in Spain, for a total of 772 as of the end of September, compared with 754 in 2012. In detail, the regulator has counted 409 foreign funds and 363 companies. The large majority are domiciled in Luxembourg (317), France (274) and Ireland (97).
21/01/2014
Hervé Falciani wanted money for files
P { margin-bottom: 0.08in; }A:link { } Hervé Falciani, the IT specialist employed by HSBC Bank in Geneva who suddently fled Switzerland in 2008 with 127,000 names of foreign clients, still claims that his only objective was to fight tax fraud and money-laundering. Agefi Suisse has announced on its website that it has recently obtained three reports from the Federal police office, which paint the man in a much less sympathetic light. The final report from the police investigation insists on the point that Falciani was aware “of the sensitivity of the data offered” (he sought a legal opinion from a Geneva lawyer), and that despite what he claims, his goal was “to obtain money in exchange, with the sale price for the data set at USD1,000 per client.”
21/01/2014
Strong growth in annual inflows for VZ Group
P { margin-bottom: 0.08in; }A:link { } Net inflows to the financial services company VZ Group rose by nearly 31% last year, to a total of CHF1.6bn, according to a statement released on 20 January. The statement does not give, however, total assets under management as of the end of December. As of 30 June 2013, the firm had about CHF11bn in assets under management. Operating profits rose by 11.7%, or less than an expected increase of 14% to 16%. This more muted than expected growth could be related to an increase in demand for standardised wealth management products, associated with set premiums, the statement says.
21/01/2014
Growth of 3.4% in assets in Swiss investment funds last year
P { margin-bottom: 0.08in; }A:link { } The Swiss investment fund market continued to grow last year. As of the end of December 2013, their asets totalled CHF745.2bn, up CHF25 billion or 3.4% more than one year previously. This total, however, marks a contraction of 1.4% compared with the previous month, according to statistics released by the Swiss asset management fund association (SFAMA). “2013 was a year of good augury for the Swiss industry. Equity markets showed astonishing and joyous development. The feared downturn of bond markets did not manifest itself, as rates are still tending to a low level. In this context, investors were once again disposed to slowly forget their reservations and invest in funds to an increased extent. The volume on the Swiss funds market has at any dated posted record figures,” says Markus Fuchs, director of SFAMA. The month of December ended with a net outflow of slightly over CHF4bn, including redemptions of CHF2.33bn from equity funds, and CHF938m from commodity funds. In terms of market share, equity funds finished the year on top (37.38%), followed by bond funds (33.48%), strategic investment funds (11.23%), money market funds (9.35%), and real estate funds (4.39%). UBS and Credit Suisse continued to dominate the Swiss market last year, with respective market shares of 23.08% and 14.51%. They are followed by Pictet, with a market share of 6.67%, Swisscanto (5.38%) and the Cantonal Bank of Zurich (4.56%).
21/01/2014
Institutionals invest in real estate, but cautiously
P { margin-bottom: 0.08in; }A:link { } The 2013 EIRES/IPE survey of 83 European pension funds with EUR1.290trn in assets under management finds that pension funds are more prudent than ever with the modalities of their investments in real estate. As a result of this extreme prudence, local investment continues to dominate portfolios, and the nearer the market under consideration is, the greater the probabiilty that it will be managed directly is. Out of a total of slightly over EUR86bn invested locally, EUR73.4bn are invested directly by 47 institutions, compared with EUR10.5bn invested in funds (excluding funds of funds) by 42 players. Direct investments in European, non-domestic markets represent 51.2%, or EUR15.4% of regional total allocation, compared with 27.9%, or EUR8.4bn for funds. Few institutionals invest directly (only 9), but their average investment is significant (EUR1.7bn). However, 38 pension funds have invested EUR8.4bn in indirect funds, with an average investment of EUR221m.
21/01/2014
InverCaixa Gestión and Bankinter launch two new bond funds
P { margin-bottom: 0.08in; } InverCaixa Gestión and Bankinter Gestión have registered the first funds of the year 2014 with the Spanish regulator, Funds People reports. According to the website, they are non-guaranteed horizon bond funds maturing in 2019. In detail, the new fund FonCaixa Valor Bolsa Euro 2 from InverCaixa Gestión states that its returns at maturity will depend on the evolution of the stock market index Eurostoxx 50 (price return). At its maturity, scheduled for the end of July 2019, the non-guaranteed performance objective will be calculated on the basis of the net asset value as of 20 March 2019, at which time 50% of the revaluation of the European index between the two dates will be applied. The vehicle will invest in public debt issued by the Spanish government, with a rating at least equivalent to BBB-. The minimal investment is set at EUR6,000 with management fees of 1.25%. The new fund from Bankinter Gestión, entitled Bankinter Renta Fija Roble 2019, stands out in the sense that its non-guaranteed performance objective is not related to a stock market index. It aims for non-guaranteed returns of 1.87%, for all invesments held until the maturity of the fund in February 2019. If the portfolio dos not reach this objective, participants will receive a separation fee within a maximal period of 10 days from the launch of the product, on 20 February 2014. The fund will invest 95% in debt issued by Spain and its autonomous regions, and up to 5% in cash. However, it may invest up to 100% in public or private bonds from OECD issuers with a minimal credit rating equivalent to a rating of BB-.