Une hausse en trompe-l’œil pour les OPCVM français
En juillet, les fonds ont bénéficié d’une accalmie sur les marchés après un mois de juin difficile. Mais la décollecte s’est poursuivie en obligations et actions
L’Allemagne va encore réduire sa dépendance au marché en 2014
Selon un projet de budget, le pays pourrait émettre 216,5 milliards d'euros de dette l'an prochain, environ 10% de moins qu'en 2013
L'Allemagne réduit sa dépendance au marché
Le gouvernement fédéral prévoit de réduire encore ses appels au marché l’an prochain. Selon une première ébauche de budget, le pays vendrait 216,5 milliards d’euros d’obligations en 2014, contre 240 milliards cette année. Depuis 2011, l’Allemagne aurait réduit de 20% son financement obligataire. Un régime bienvenu alors que les taux se tendent.
Les investisseurs se détournent massivement du marché de l’or
Le Conseil mondial de l’or prévoit une baisse des achats nets d’or par les banques centrales de 25%, après le plus haut de 48 ans enregistré en 2012
Nouvel obstacle au projet de fusion entre American Airlines et US Airways
Le département américain de la Justice a porté plainte hier afin de bloquer tout projet de rapprochement entre les sociétés aériennes américaines
M&G affûte ses ambitions à Hong Kong
Selon le Wall Street Journal qui cite des sources proches, le groupe italien prévoit de lever environ 500 millions de dollars lors de son introduction à la Bourse de Hong Kong. Il suivrait ainsi les pas de Prada, la dernière société italienne a avoir choisi Hong Kong pour y coter ses actions. Ce serait une des plus grosses sociétés non chinoises cotées sur la place.
Ralentissement des ventes de détail aux Etats-Unis
Les ventes au détail ont progressé de 0,2% en juillet alors que les économistes attendaient une hausse de 0,3%, après un chiffre révisé à la hausse en juin à +0,6%, contre une estimation initiale de +0,4%. Hors automobile, essence et construction, elles ont néanmoins progressé de 0,5% le mois dernier, selon le département du Commerce alors que les économistes avaient anticipé une hausse de 0,3%.
Léger fléchissement de l’inflation britannique
La hausse des prix à la consommation a légèrement décéléré en juillet au Royaume-Uni, à 2,8% en rythme annuel, après 2,9% au mois précédent, grâce aux billets d’avions et au prêt-à-porter. Les prix immobiliers, qui n’entrent pas directement dans la composition de l’indice des prix à la consommation (CPI), ont eux augmenté de 3,1% sur un an.
Les investisseurs allemands retrouvent le moral
L’indice du sentiment des investisseurs en Allemagne a rebondi plus que prévu en août pour s’inscrire à 42,0, son meilleur niveau depuis mars, selon l’enquête mensuelle de l’institut économique ZEW. Les économistes attendaient en moyenne l’indice à 40,0 ce mois-ci après sa baisse à 36,3 en juillet. Selon l’institut, l’optimisme est alimenté par le niveau de la demande en Allemagne et par les signes d’amélioration de la conjoncture dans les autres pays de la zone euro.
La croissance russe annoncée à 2% en 2013
L'économie russe devrait croître d’environ 2% cette année, estime la banque centrale du pays, moins optimiste que le gouvernement, qui a retenu lui pour 2013 un PIB en hausse de 2,4%. La banque centrale pense que la croissance va ensuite s’accélérer légèrement en 2014. Moscou voit le PIB augmenter de 3,7% en 2014.
La production industrielle redémarre en zone euro
La production industrielle a enregistré une hausse de 0,7% en juin en zone euro, après un recul de 0,2% (révisé de -0,3%) en mai, a annoncé Eurostat. Les économistes interrogés par Reuters prévoyaient en moyenne une hausse légèrement supérieure, à 0,8%. Sur un an, elle a augmenté de 0,3%.
La demande de crédits des PME repart en France
Pour la première fois depuis le mois de novembre 2012, le solde d’opinion des banques sur la demande de crédit des entreprises est très légèrement positif, indique l’enquête mensuelle de la Banque de France. Au mois de juillet, 27,2% des banques de l’échantillon ont observé une augmentation de la demande de crédit des PME, cette proportion est nettement moins élevée (3%) pour celle des grandes entreprises.
Retour anticipé à une croissance molle en zone euro
Selon le consensus des participants à une enquête menée par Reuters, le PIB de la zone euro a augmenté de 0,2% sur le deuxième trimestre de l’année, ce qui marquerait sa première progression depuis la fin de l’année 2011. Les premières estimations du PIB pour la zone euro sont attendues aujourd’hui, et s’accompagneront de celles de la France, de l’Allemagne, des Pays-Bas et du Portugal. L’Allemagne, première économie de la zone euro, devrait une nouvelle fois être le principal moteur économique de la région, les économistes anticipant une hausse de 0,6% du PIB allemand sur la période allant d’avril à juin. Mais, une fois la sortie de récession techniquement acquise, la situation ne devrait pas s’améliorer sensiblement, les économistes ne voyant pas le PIB de la région croître de plus de 0,4% sur un trimestre avant 2015, et l’inflation devrait rester largement sous l’objectif de la BCE de 2%.
13/08/2013
BlackRock nomme un nouveau patron pour Singapour
BlackRock a nommé Kevin Hardy en tant que responsable pays pour Singapour, rapporte Citywire. L’intéressé est actuellement responsable des stratégies beta pour l’Asie-Pacifique au sein de la société de gestion américaine. Il remplace Alasdair Riach, lequel va se concentrer sur ses fonctions de responsable des institutionnels pour Singapour et l’Asie du Sud-Est.
13/08/2013
Inflows continue to high yield funds in Europe
In the week to 7 August, high yield funds in Europe have posted inflows of USD861m, up 0.5% week on week, according to statistics released by Bank of America Merrill Lynch. Retail inflows into high yield funds have been positive for six weeks in a row. In June, retail investors pulled USD9.7bn out of European highyield funds. Since the beginning of July, USD6.3bn has been ploughed back in. Since the beginning of the year, inflows to high yield funds total USD11.38bn. European equity funds, for their part, have attracted a net USD1.8bn, the 6th straight week of inflows. Since the beginning of the year, inflows to European equity funds are nearing the USD4bn level. USD15.8bn flowed into European money market funds, the best in 26 weeks. Loan funds in Europe had a rare outflow last week (USD7m), only the third weekly outflow in all of 2013.
13/08/2013
CVC to acquire Campbell activities in Europe
The investment firm CVC Capital Partners has entered exclusive final negotiations with the US Campbell Soup Company group to acquire a series of European activities, CVC Capital Partners announced on 12 August in a statement.
13/08/2013
Frank Klausfelder promoted to COO of Alliance GI for Asia-Pacific
Allianz Global Investors (Allianz GI) has promoted Frank Klausfelder to the position of chief operating officer (COO) for the Asia-Pacific region, Asian Investor reports. Klausfelder has been in the new role since the beginning of August. He had previously been head of Greater China and South-East Asia. He now oversees all activities, IT, legal and compliance functions for all entities of the Asia-Pacific region. He reports to the global COO, George McKay, and the CEO for Asia-Pacific, Douglas Eu. Christina Hui will take over the former responsibilities of Klausfelder, while continuing to serve in her current role as head of retail distribution for Greater China and South-East Asia.
13/08/2013
Swedish funds post inflows in July in equities and bonds
In July, funds on sale in Sweden posted net inflows of SEK7.7bn, or EUR0.9bn, according to the most recent statistics from the Swedish investment fund association Fondbolagens Förening. Inflows were primarily driven by equity funds, which saw inflows of SEK5.1bn (EUR0.6bn). Bond funds also made a contribution of SEK3.1bn (EUR0.35bn). All other categories of funds have a balance of near zero flows. Since the beginning of the year, the funds on sale in Sweden, recorded net inflows of SEK55.9bn (EUR6.44bn). As of the end of July, assets in funds in Sweden totalled SEK2.299trn (EUR265bn), of which 55% were in equity funds.
13/08/2013
Affluent clients alter their decision-making
The 2008 financial crisis has changed the way affluent families view their investments and make important decisions, and the change is greatest among those with the greatest wealth, according to a poll of more than 800 individuals representing individuals or families with an average of USD1.2 million in investable assets released by SEI and carried out by independent research firm Phoenix Marketing International. In fact, nearly half of respondents (48 percent) with more than USD5 million in investable assets said that their family makes investment and wealth management decisions more democratically following the financial crisis of 2008. By contrast, only a quarter of respondents in the “mass affluent” market (households with between USD250,000 and USD1 million in investable assets) say their family makes decisions more democratically after the crisis. The results point to a growing divide in the behaviors and investment decision making between different segments of affluent families, according to SEI. The survey also revealed that those with the most wealth are most confident about their family’s level of preparation for the future. More than half of respondents (55 percent) with more than USD5 million in investable assets believe the next generation of their family is adequately prepared to handle the challenges of managing substantial wealth. That number drops to less than half (42 percent) among families in the broader “wealth market” (households with more than a million dollars in investable assets) and less than a quarter (19 percent) among the Mass Affluent. When asked how they measure financial success across generations, more than half of Penta-Millionaires (60 percent) chose absolute returns and total assets.
13/08/2013
Time Equity Partners fund seeking to raise EUR100m
The French investiment firm Time Equity Partners, a specialist in digital technologies, is seeking to raise EUR100m by the end of the year, Les Echos reports. The new fund comes in addition to the first, founded in 2010, with EUR50m in assets. Time Equity Partners has already collected about two thirds of this amount.
13/08/2013
Assets under management at AllianceBernstein up 2.1%
Assets under management at AllianceBernstein as of the end of July total USD444bn, compared with USD435bn as of 30 June 2013, according to the first available estimates. Growth of 2.1% month on month is largely due to market effects. The month of July ended with “modestly negative” net inflows, while instutional net inflows were offset by redemptions to retail and private clients.
13/08/2013
CalPERS appoints a head of strategy
The California Public Employees’ Retirement System (CalPERS) has named Sabrina Stroud as the division chief for the organization’s enterprise strategy and performance division. She will begin her new role at CalPERS on August 19, 2013.Stroud will be responsible for the overall planning, development and monitoring of CalPERS strategic and annual business plans, working with the System’s executive leadership team. She will also oversee the development and monitoring of performance measures for the organization.
13/08/2013
UBS GAM closes a fund
UBS Global Asset Management is closing its European Equity fund in September, due to poor performance and declining assets, Investment Week reports. The group has been restructuring its fund range since last year.
13/08/2013
Assets in UCITS hedge funds top EUR100bn
Alternative UCITS funds have continued the positive trend in the second quarter of 2013, with assets under management growing by 8.3% from EUR96.6 billion in March 2013, to EUR104.6 billion at the end of June, breaking the EUR100 billion barrier for the first time, according to the Alceda Quarterly UCITS Review. Tracking the Absolute Hedge Global UCITS Index, the sector declined 0.53% in the second quarter, with losses concentrated in June, across a range of funds and strategies. The Market Neutral index performed the strongest with 1.45% growth over the quarter. The Credit Index continued to deliver positive returns, with growth in assets of EUR3.4 billion to EUR26.6 billion at the end of Q2 and delivererd 0.13% returns in the quarter. As the best performing strategy index in Q1, Equity Long Short continued its positive run, growing AUM by 12% and registering 0.38% returns in Q2.Managed Futures, despite registering the first positive quarter in over two years in the first quarter, had another challenging quarter in Q2. The strategy index was down 3.79% over the quarter with a 14.3% reduction in AUM, including one fund closure. With many investors looking to UCITS vehicles for improved liquidity, the report by Alceda also reveals daily dealing funds have proved most popular with investors, attracting 83% of assets.
13/08/2013
BlackRock launches a new index
BlackRock has announced the launch of a new index, the iShares Dow Jones-UBS Roll Select Commodity Index. The new product offers diversified exposure to commodities, through 22 commodity futures contracts, and aims to minimise costs related to rolling operations.
13/08/2013
MSCI offers a new family of indices
The provider of investment assistance tools MSCI has launched MSCI Quality Mix indices, which provide a way for the MSCI Quality, MSCI Value Weighted and MSCI Minimum Volatility indices to be combined in a single index for a given market. The new indices aim to represent the performance of risk premium strategies on quality, value and low volatility in a single index for all markets on the planet. The indices now available in this family are as follows: 1. MSCI ACWI Quality Mix Index 2. MSCI World ex USA Quality Mix Index 3. MSCI Emerging Markets Quality Mix Index 4. MSCI Europe Quality Mix Index 5. MSCI World Quality Mix Index 6. MSCI USA Quality Mix Index 7. MSCI AC Asia ex Japan Quality Mix Index 8. MSCI UK Quality Mix Index 9. MSCI Japan Quality Mix Index
13/08/2013
Hansa group acquires investment boutique SVG IM
The Swiss group Hansa Aktiengesellschaft on 12 announced that it is acquiring the investment boutique SVG Investment Managers. Hansa is acquiring a majority stake in the capital of the boutique, but a statement from Hansa states that the management at SVG will remain as a significant minority shareholder in the new configuration. The acquisition will bring assets under management at Hansa to about USD2bn, compared with more than USD1.8bn currently. According to the president of Hansa, Georg von Opel, Hansa is hoping to “develop a world class asset management firm,” with a particular emphasis on unconstrained management and a constructive engagement policy.
13/08/2013
Series of resignations at Sarasin bank
More than 40 employees of J. Safra Sarasin bank are currently in the process of joining the Notenstein private bank, the Swiss Sunday newspapers report. This number has been confirmed by the Notenstein bank. Among those transferring from Sarasin are Aris Prepoudis, who becomes director of institutional clients, and Andreas Knörzer, who becomes head of asset management. These moves come at a time when Notenstein, an affiliate of Raiffeisen, does not conceal its development ambitions. For its part, J. Safra Sarasin states that it has already replaced about three quarters of the personnel who have left for the competition.
13/08/2013
Old Mutual focuses on Asia and emerging markets
Old Mutual Global Investors is planning to relaunch several funds of its range, including global equity funds, Asia and emerging markets, Investment Week reports. The firm, which has a strong presence in British equties, strategic bonds and multi-asset classes, is seeking to diversify.
13/08/2013
CPSS and IOSCO launch a consultation on market infrastructure
The Committee on Payment and Settlement Systems (CPSS) and the International Organization of Securities Commissions (IOSCO) on August 12 published for public comment a consultative report on the Recovery of financial market infrastructures.The report provides guidance to financial market infrastructures such as CCPs on how to develop plans to enable them to recover from threats to their viability and financial strength. Comments on the report are invited from all interested parties and should be sent by 11 October 2013.Separately, CPSS and IOSCO have issued report on progress towards implementing the Principles for financial market infrastructures (PFMI). Finally, they have issued a report on authorities’ access to trade repository data.