Le coût d'emprunt de la France remonte
Les annonces de resserrement de la Fed mettent les taux souverains européens sous pression. Le rendement de l’OAT est au plus haut depuis juillet 2012.
Dominique Carrel-Billiard passe le relais chez Axa IM
Il est remplacé par Andrea Rossi, jusqu'alors en charge de la filiale italienne de bancassurance d'Axa. Les mouvements se multiplient dans le secteur
La Chine met l’accent sur les réformes structurelles
La Banque Populaire de Chine (PBOC) aurait approuvé le lancement d’un programme pilote visant à autoriser les particuliers à réaliser des investissements à l’étranger, selon le Shanghai Securities News qui cite Wang Jingwu, le président de la PBOC de Guangzhou. Guangzhou et Shenzhen seront les deux villes tests du programme des investisseurs particuliers domestiques qualifiés, nommé «QDII2».
Temasek vise les banques indiennes
Le fonds souverain de Singapour pourrait renforcer son exposition au secteur bancaire en Inde. C’est ce qu’indique au quotidien Rohit Sipahimalani, le coresponsable du comité d’investissement de Temasek et responsable de l’Inde, qui estime que le risque lié au financement des infrastructures est désormais moindre. Le secteur financier représente un tiers environ du portefeuille du fonds.
Les membres de la Fed cherchent à calmer les tensions sur les marchés
Trois membres de la Réserve fédérale américaine ont assuré après le discours de Ben Bernanke que la politique monétaire restera accommodante
Le marché primaire «high yield» est à l'arrêt en Europe
La fin annoncée du QE3 de la Fed et la perspective d'une remontée des taux ont jeté un coup de froid sur les émissions de dette à haut rendement
Le FRR lance un appel d'offres sur des mandats de gestion active sur les actions japonaises
Le FRR a lancé un appel d’offres visant à sélectionner un à trois prestataires pour la gestion financière de mandats de gestion active investis en actions japonaises. Pour ce marché, la procédure de marchés publics retenue est celle d’un appel d’offres restreint. Cet appel d’offres concerne la gestion active d’un à trois mandats qui devront mettre en oeuvre une exposition aux actions japonaises toutes capitalisations. A titre purement indicatif, le FRR estime que le montant global des fonds donnés en gestion pourrait être fixé à 400 millions d’euros. Chacun des mandats du présent marché est conclu pour une durée de quatre ans à compter de sa notification avec possible reconduction d’un an. On entend par gestion active la mise en oeuvre de décisions d’investissement induisant des positions individuelles différentes de celles de l’indice de référence, dans les conditions qui seront définies dans le mandat de gestion, dans le but d’atteindre un surcroît significatif de performance. Le candidat déterminera le style de gestion le mieux adapté à l’appel d’offres. L’indice de référence aura des caractéristiques similaires à l’indice ftse Japan All Cap , il sera précisé dans le mandat de gestion. L’univers d’investissement sera composé des sociétés composant l’indice et de sociétés ayant leur siège social au Japon. Le budget de risque ex ante ( tracking error ) maximal sera de 10 %. Pour lire l’avis complet : cliquez ici
Goldman Sachs abaisse encore ses prévisions sur l'or
Goldman Sachs a une nouvelle fois abaissé lundi ses perspectives sur l’or, alors que le prix de l’once est passé la semaine dernière sous les 1.300 dollars après les annonces de la Fed. La banque américaine table sur un prix de l’once à 1.300 dollars fin 2013 (contre une prévision précédente de 1.435 dollars) et à 1.050 dollars fin 2014 (au lieu de 1.270). Sur 2013, le métal jaune est déjà en situation de «bear market» avec une chute de plus de 20% de son prix.
Le FESF prolonge la maturité des prêts à l’Irlande et au Portugal
Le Fonds européen de stabilité financière (FESF) a décidé d’étendre la maturité des prêts accordés à l’Irlande et Portugal dans le cadre de leurs programmes d’assistance. La maturité moyenne pondérée de ces prêts sera prolongée jusqu’à sept ans. Le FESF a promis 17,7 milliards d’euros à Dublin et 26 milliards d’euros à Lisbonne. Lors de sa réunion informelle du 12 avril dernier, l’Eurogroupe avait déjà donné son accord de principe à l’amélioration des conditions de crédit.
La condamnation du cofondateur de Galleon Group confirmée
Une cour d’appel de Manhattan a confirmé la condamnation pour délit d’initié infligée à l’encontre du cofondateur du fonds alternatif Galleon Group, Raj Rajaratnam. Ce dernier purge actuellement une peine de prison de onze ans. L’ex-financier contestait l’usage par le gouvernement américain d’enregistrements téléphoniques secrets.
Jacob Frenkel retourne à la Banque d’Israël
Treize ans après avoir quitté le poste, l’ancien président de JPMorgan Jacob Frenkel, va retrouver le fauteuil de gouverneur de la Banque d’Israël en remplacement de Stanley Fischer. Le ministre des Finances israélien, Yair Lapid, a souligné un «excellent» choix puisque Jacob Frenkel dispose, à ses yeux, de l’expérience suffisante pour stabiliser une économie israélienne en voie de ralentissement. Ses détracteurs pointent en revanche son intransigeance et son conservatisme.
La BoJ ne se laissera pas influencer par les marchés
La Banque du Japon (BoJ) n’interviendra pas pour régler des turbulences de marché temporaires et elle se focalisera sur les anticipations de prix à long terme pour déterminer s’il y a lieu d’aller plus loin dans l’assouplissement monétaire, a déclaré lundi Kikuo Iwata, gouverneur adjoint de la banque centrale. «Ce qui est important, ce sont les fondamentaux ; les mouvements des marchés n’ont pas affecté les fondamentaux économiques du Japon, qui vont bien et s’améliorent encore», estime-t-il.
Dominique Carrel-Billiard quitte Axa IM
Axa annonce aujourd’hui le départ prochain de Dominique Carrel-Billiard, directeur général d’Axa Investment Managers et membre du comité exécutif de l’assureur, qui a décidé de quitter le groupe. Il sera remplacé par Andrea Rossi, directeur général d’Axa Assicurazioni, qui rejoint également le comité exécutif d’Axa. Frédéric de Courtois, DG d’Axa MPS, prendra la tête des principales filiales d’assurance de la compagnie en Italie.
24/06/2013
Départ d’un gérant de Skagen
Ross Porter a quitté vendredi la société de gestion nordique Skagen où il a passé 13 ans afin de «relever de nouveaux défis», selon un communiqué de presse. Depuis août 2011, l’intéressé faisait partie de l’équipe du fonds Skagen Kon-Tiki, investi sur les marchés émergents. Il ne sera pas remplacé pour le moment, indique Skagen. Les autres membres de l’équipe sont Kristoffer Stensrud, Knut Harald Nilsson, Cathrine Gether et Erik Landgraff.
24/06/2013
Increase in HF redemptions
P { margin-bottom: 0.08in; } The redemption index calculated by the hedge fund administrator SS&C GlobeOp in June rose to 3.88%, from 3.77% in May, Reuters reports.Hedge funds participated in strong gains on the stock market since last summer, but many investors have been disappointed to find that hedge funds are unable to compete with the returns on equity markets.Since the beginning of this year, hedge funds have posted returns of 3.95%, according to Hedge Fund Research, compared with gains of nearly 13% for the S&P 500 index.
24/06/2013
Russian PE investor RDIF and Mubadala launch co-investment fund
P { margin-bottom: 0.08in; } Russian Direct Investment Fund (RDIF), the private equity fund supported by the Russian government, and the Abu Dhabi sovereign wealth fund, Mubadala Development Company, have announced the launch of a co-investment fund with USD2bn in assets, in order to seek out investment opportunities on the Russian market. The two funds will contribute USD1bn each to the new fund. The new initiative by Mubadala comes as part of a desire on the part of the firm to establish a sustained presence on major international markets.
24/06/2013
Petercam replaces data provider for an SRI fund
P { margin-bottom: 0.08in; } For its European equity SRI fund Equities Europe Sustainable (about EUR50m in assets), the Belgian asset management firm Petercam will now be using gross data from Sustainalytics instead of Vigeo. They will all be processed internally by the SRI committee, which establishes the list of eligible equities sent to the fund manager, Didier van de Veire.This resulted in 10 changes out of 60 positions, as the universe which Sustainalytics covers is larger in the direction of midcaps, which better meet the performance aims of the manager.Petercam is satisfied with the reactivity and pragmatism of its provider, and has not ruled out extending its use of data to other equity or bond products.
24/06/2013
Outflows from emerging markets, inflows to frontier markets
P { margin-bottom: 0.08in; } Ahead of a meeting of the Federal Reserve, investors do not appear worried. They bought fewer bonds and invested more in US, Japanese and European equity funds. However, their defiance with respect to emerging market funds remains tenacious, and outflows totalled more than USD3bn in the week to 19 June, a level not seen for nearly two years, according to statistics released by EPFR Global.Despite their circumspection with respect to most of the major emerging markets, such as China Brazil, Russia and South Africa, investors retain a marked appetite for smaller markets, which are riskier but also more dynamic. Funds dedicated to frontier markets have been posting inflows since mid-March and have also attracted more than USD2.5bn since the beginning of this year.Overall, equity funds have posted a net inflow of USD4.81bn in the week to 19 June, while bond funds have seen redemptions totalling USD7.48bn. Money market fund have seen outflows of over USD25bn in the week to 19 June, the highest level since the third week of February.
24/06/2013
Konrad Hummler gets back to business
P { margin-bottom: 0.08in; } The former heavyweight in private banking at Wegelin, Konrad Hummler, is returning to the industry. Hummler, whose investment columns were always highly popular, has founded the M1 AG company, domiciled in St. Gall, which offers investment advisory services.Hummler, with three partners, is launching a paper or electronic publication, “Bergsicht,” which will be released at least six times per year, and which will resemble the investment columns of the Wegelin period.
24/06/2013
Former UBS manager launches an asset management firm
P { margin-bottom: 0.08in; } According to Finews, Cesar Gueikian, former head of special situations at UBS, has founded an asset management firm entitled Melody Capital Partners. His partners are Andres Scaminaci and Omar Jaffrey, also formerly of UBS. The three specialists are launching a fund to invest in guaranteed credit in the United States and Western Europe. They are hoping to raise more than EUR500m.
24/06/2013
Dalton Strategic Partnership arrives in Spain
P { margin-bottom: 0.08in; } Although it had already been selling its products as private investments in Spain, the British asset management firm Balton Strategic Partnership has now officially entered the Spanish market, with the registration of its Luxembourg Sicav, Melchior Selected Trust, with the CNMV. The Sicav has five sub-funds and assets of EUR540m, Funds People reports.The firm becomes the sixth foreign asset management firm to enter Spain since the beginning of the year, following J. Chahine Capital, Ellipsis AM, Oaks Field Patenrs, LarrainVial and Wellington Management.
24/06/2013
Exchange of information: France to introduce blacklist in '16
P { margin-bottom: 0.08in; } Countries which refuse automatic exchange of information for tax purposes will be added to a list of uncooperative states by France from 2016, due to an amendment passed by the government. The date of application for the changes would thus be later than the US automatic information exchange (FATCA) agreement, which is schedued for September 2015.“Such an approach has the advantage that it is dynamic and allows France to concentrate on the genuine challenges of offering incentives in a context marked by a strong engagement to promoting tax transparency,” the government claims in an explanation of its amendment to a proposed law to combat tax fraud, passed on Thursday evening.The countries of the G8 early last week pledged to automatically exchange inforamtion, which is considered a deadly weapon in the war on tax havens, the “new global standard” to combat these flows.
24/06/2013
PREI recruits Asia-Pacific CEO from Grosvenor
P { margin-bottom: 0.08in; } The US firm Prudential Real Estate Investors (PRE), the real estate investment and advising arm of Prudential Financial, has announced the appointment of Eryck Su as managing director and chief investment officer at Pramerica Real Esate Investors (Asia) Ltd, its affiliate for Asia-Pacific.Su will be responsible for acquisitions and sales in the region, and the development of its regional strategy and portfolio management. He will also be responsible for the strategy of the business in China, and will be a member of the Asia-Pacific investment committee.Su had previously been managing director and head of Greater China at Grosvenor Fund Management.
24/06/2013
Medobanca to establish alternative management platform
P { margin-bottom: 0.08in; } The board of directors at Mediobanca on 21 June unveiled its 2014-2016 plan for the group, with the objective of generating returns on owners’ equity in 2016 of 10-11%. It plans to simplify structures, focusing on the three pillars on investment banking, retail banking, and wealth management.For this unit, Mediobanca is planning to invest in human resources (including private equity, private debt, and non-performing credit) as well as in IT in order to develop the most highly profitable and least costly activities, including the launch of Mediobanca Alternative Asset Management (MAAM). The objective assigned to wealth management is to generate 15% of the group’s banking revenues by 2016.
24/06/2013
Azimut and Italian SWF team up in private equity
P { margin-bottom: 0.08in; } The Fondo italiano d’investimento is teaming up with Azimut to launch Programma 101, a private equity operator specialised in investments in startups in the digital sector, Il Sole – 24 Ore reports. The structure is starting up with about EUR35m, but is aiming for EUR50m. The financial commitment of Azimut is EUR10-15m.
24/06/2013
Private banking is becoming less profitable in Europe
P { margin-bottom: 0.08in; } According to an annual study by the consultant Mckinsey, no less than 15% of European private banks had operating losses in 2012, Les Echos reports. Only 2% to 3% of banks were in this situation before the financial crisis, and the percentage has been increasing each year. However, overall, the 110 banks examined by the agency have returned to their pre-crisis profit levels, and 25% of them have even surpassed them. Total assets under management have recovered by 8% in one year. But this increase in assets is more due to improved markets in 2012 than to inflows, which have increased only modestly.
24/06/2013
Pimco funds affected by bond selloff
P { margin-bottom: 0.08in; } The Pimco Total Return fund from Bill Gross (USD285bn) has been one of the bond funds worst affected by the selloff in bonds which has affected the asset class since the Federal Reserve announced that it would begin reducing the scale of its quantitative easing programme, Investment Week reports. According to Bloomberg, the Pimco flagship fund has lost 1.6% since 8-20 June. It has lost 2.8% YTD.
24/06/2013
Resource launches a new real estate fund
P { margin-bottom: 0.08in; } Resource Real Estate, an affiliate of Resource America, has launched a new real estate fund, the Resource Real Estate Diversified Income Fund, Wealth Adviser reports.The fund, which will be managed by Scott Crowe, aims for long-term appreciation and offers low correlation to the equity markets for investors who wish to diversify their allocation. The fund also offers quarterly liquidity.
24/06/2013
PowerShares offers a short-term, high yield ETF
P { margin-bottom: 0.08in; } The US firm Invesco PowerShares Capital Management on 20 June announced the launch of the PowerShares Global Short Term High Yield Bond Portfolio, which has been admitted to trading on NYSE Arca under the ticker PGHY.The fund charges 0.35% and replicates the DB Global Short Maturity High Yield Bond Index. The portfolio is invested in short-term, high yield debt denominated in US dollars, issued worldwide by government, municipal and corporate borrowers.
24/06/2013
Versiko offers SRI retirement savings
P { margin-bottom: 0.08in; } The German sustainable investment advising firm versiko has announced the launch of a unit-linked retirement savings plan, ökoViola, whose portfolio will be invested exclusively in shares in the ökovision Classic fund, launched by the firm’s Luxembourg affiliate ökoworld, while the insurance portion of the policy is contracted to Continentale.versiko says that the formula allows subscribers to be sure that their savings will be invested ethically, with the exclusion of weapons, nuclear technology, chlorine chemistry, and child labour.As of 31 May, the ökovision Classic fund had assets of EUR361.8m for C shares (LU0061928585) and EUR15.8m for A shares (LU0551476806).