David Ganozzi, gérant allocation d’actifs, Fidelity Worldwide Investment

Olivier de Larouzière, directeur taux d’intérêt de Natixis AM

Le Conseil planche sur un projet de rotation tous les dix à douze ans. Les professionnels français souhaitent un allongement jusqu'à 24 ans

Stefan Isaacs, gérant senior obligataire chez M&G

Les commissaires aux comptes français craignent que la rotation régulière des cabinets, débattue à Bruxelles dans le cadre de la réforme de l’audit, nuise à la qualité de leur travail. Les propositions qui circulent au Conseil des ministres ne sont pas faites pour les rassurer.

Philippe Sabbah, président de Robeco France

Julien Le Louët, responsable du service financier et immobilier de l’OCIRP dans un article paru dans Option Finance numéro 1208 : Nous gérons actuellement 1.9 milliard d’euros, essentiellement en produit de taux afin de maintenir constamment un rendement comptable conforme à nos engagements. Nous détenons un peu plus de 73% de produits de taux, 20% d’actions, 5% d’immobilier en direct. Les 2% restants sont constitués en liquidités. Compte tenu de nos engagements assez longs et de la faible rémunération de placements à court terme, nous essayons à l’heure actuelle de limiter au maximum nos placements en monétaire. Sur la partie obligataire, nous investissons uniquement dans des émetteurs de la zone euro. Cette poche à beaucoup évolue avec le temps. En 2007, nous détenions très majoritairement des emprunts d’Etats Français. Mais, dès 2009, nous avons pris le virage du crédit en introduisant une part importante d'émetteurs corporates notés investments grade. De ce fait ces derniers représentent aujourd’hui environ 40% de notre poche obligataire. L’an passé, nous y avons même intégré le segment du crossover - émetteurs situés à la marge entre l’investment grade et le high yield -, que nous avons investi au travers d'émetteurs industriels français. Cette stratégie très opportuniste n’aurait pas pu être possible si nous avions adopté trop tôt un positionnement sur le segment du crédit. Nous sommes particulièrement préoccupés par la cherté du crédit. Pour acheter aujourd’hui des obligations d’entreprise qui dégagent un bon rendement, il faut accepter de prendre plus de risques que par le passé. Or, nous sommes un investisseur traditionnellement prudent et nous ne souhaitons pas accroître le risque global de notre portefeuille. Plus globalement, la valorisation actuelle des marchés, nous préoccupe. Nous assistons à un rallye très fort sur l’ensemble des marchés et, dans ce contexte, certaines classes d’actifs, comme les dettes souveraines ou encore les obligations à haut rendement, nous apparaissent chères.

La Caisse d’amortissement de la dette sociale (Cades) a annoncé vendredi qu'à l’issue d’un appel d’offres ouvert, elle avait sélectionné pour assurer la notation de sa dette les seules agences Moody’s et Fitch, ce qui exclut Standard & Poor’s. Depuis sa création en 1996, la Cades, qui bénéficie de la garantie implicite de l’Etat, était notée par ces trois grands agences. En janvier 2012, Standard & Poor’s a été la première à dégrader la note de la France, privant la Cades de son triple A dans la foulée, ce qui avait valu à l’agence de notation les protestations publiques de la Caisse d’amortissement, qui contestait ses critères.

Le Trésor espagnol a annoncé qu’il émettrait jeudi prochain trois types d’obligations, arrivant à maturité le 31 mars 2015, le 31 octobre 2019 et le 31 janvier 2023. Les obligations seront respectivement assorties de coupons à 2,75%, 4,30% et 5,40%.

La demande étrangère d’actifs américains à long terme a augmenté en décembre, à la fois sur les emprunts d’Etat et les actions, a annoncé le Trésor des Etats-Unis. Les étrangers ont acheté en net 64,2 milliards de dollars de valeurs mobilières américaines à long terme en décembre, après 52,4 milliards (révisés) le mois précédent. Les achats de titres du Trésor ont augmenté à 29,9 milliards de dollars contre 26,4 milliards.

The European Covered Bond Label Foundation, which was created in November 2012, on 14 February announced that operational launch of its platform dedicated to the labelling and transparency of convertible bonds. A total of 80 labels have already been awarded to 66 issuers for covered bond assets of over EUR1.4trn, or about 53% of all covered bonds in circulation. The Covered Bond label and “Transparency Platform,” developed by the European Covered Bond Council (ECBC), respond to demand from the market for improved standards and transparency in the covered bond sector in Europe.

The European Securities and Markets Authority (ESMA) published on February 14 its first report on trends, risks and vulnerabilities in European Union (EU) securities markets and a risk dashboard for the 4th Quarter 2012. The report looks at the performance of securities markets in 2012, assessing both trends and risks in order to develop a comprehensive picture of systemic and macro-prudential risks in the EU that can serve both national and EU bodies in their risk assessments. The report finds that EU securities markets and investment conditions in the EU improved in 2012, especially in the second half of the year; while systemic risk in EU securities markets decreased in the fourth quarter. In the chapter on collective investments, the report points out that asset managers benefited from easing markets (with total net asset values up to EUR 8tn, compared to EUR 7.4tn in 2011). Main beneficiaries were bond, hedge, real estate and exchange-traded funds. Overall however, fund inflows remained volatile.

Oddo Asset Management on 14 February announced the launch of a new target date fund, investing primarily in international high yield bonds, Oddo Haut Rendement Monde 2018. Oddo Haut Rendement Monde 2018 invests in securities which mature before 30 June, 2019 (bonds and convertible bonds), from issuers primarily located in Europe, and up to 50% outside Europe, particularly in emerging markets. Major characteristics ISIN code: A share class: FR0011378520 D share class: FR0011378546 B share class: FR0011378538 Subscription commission: maximum 4% TER, not paid into the fund Set management fees: A and D share classes: 1.40% including taxes – B share class: 0.6% including taxes Performance commission: 10% including taxes on performance exceeding an annual performance of 5.5% for the fund Subscription period: until 30 August, 2013 Withdrawal penalty paid into the fund: 1% including taxes during the sales period, none after the sales period

Scott Bessent, chief investment officer at Soros Fund Management since October 2011, has been applauded by the profession, as he made the firm USD1.2bn in three months, of which USD1bn were made on bets that the Japanese yen would fall, and USD200m from bets on certain Japanese equities, the Wall Street Jornal reports.In 2012, the Soros fund gained 10%, more than its rivals, but less than the equity markets, and since the beginning of 2013, returns have been on the order of 5%.Die Welt reports that other hedge fund management firms have made a lot of money on bets against the yen, which has lost 20% against the US dollar in the past four months. The German newspaper names Greenlight Capital, Third Point and Hayman Capital.

The holding company of the billionaire Warren Buffett Berkshire Hathaway, in partnership with the investment fund 3G Capital, will acquire the agribusiness giant Heinz, on the basis of a valuation of USD28bn for the business, according to a statement released on 14 February. The transaction, which will be completed in cash, will be finalised in third quarter. It is described as one of the largest deals ever in the agribusiness sector. By the terms of the agreement, which is described in the statement as final, and which has unanimously been approved by the board of directors at Heinz, the two buyers will pay USD72.50 per share for the target. This represents a 20% premium over the share price of Heinz at the close of trading the previous day (USD60.48). The new buyers also plan to extend the maturity on Heinz’s debts, they announce in the statement. Heinz has solid and sustained growth, at which Buffett expresses pleasure in the statement, attributing this to the work of the group’s management. The Heinz headquarters will remain in Pittsburgh after the transaction is completed. The operation is still pending the approval of antitrust authorities.

On 12 February, the NYSE Arca platform admitted the Pimco Foreign Currency Strategy Exchange-Traded Fund, an actively-managed ETF which may invest in short-term debt, money market instruments and futures contracts on developed and emerging markets, to trading under the acronym FORX, with a total expense ratio of 0.65%. The product will be managed jointly by Scott Mather, managing director and head of global portfolio management, Vineer Bhansali, managing director and head of quantitative portfolios, and Thomas Kressin, senior vice president and head of European foreign exchange.The objective is to allow investors to diversify from the US dollar, and preserve their buying power. In other words, the fund, which invests in a basket of currencies, stands to profit from the weakness of the US dollar.

Institutional investors are continuing to diversify their portfolios into alternative strategies, increasingly through direct investments rather than funds of funds, acording to international data collected by Towers Watson.In 2012, clients of Towers Watson, who include pension funds, sovereign funds and insurance companies, allocated more assets to hedge funds and private market strategies, with a total of USD12bn, up 70% compared with 2010.“In the past five years, the hedge fund managers who we have taken on for our client portfolios have shown their ability to adapt to a moving environment to deliver good performance after commissions. The largest instutional funds will probably continue to invest directly in funds which invest in all alternative asset classes, rather than in funds of funds, as investors continue to prefer a better commission structure and more transparency,” explains Craig Baker, global head of research and investment at Towers Watson.In 2012, the number of hedge fund mandates awarded to direct funds increased further, particularly in the areas of macro, bonds and reinsurance. In the same way, in private markets, real estate, private equity and infrastructure, direct funds have received the vast majority of assets. The past year was marked by a significant interest in infrastructure, with assets placed with managers by Towers Watson clients tripling.Another characteristic of the past year is that smart beta strategies, which seek to improve returns on a portfolio through diversification, have attracted a further USD5bn in assets. Smart beta mandates have been allocated to bonds, commodities and equities, and to a lesser extent, reinsurance, hedge funds and infrastructure. Towers Watson clients have allocated a total of over USD20bn to smart beta strategies.Institutional demand for international equities and bond mandates has remained high over the past five yeas, as demand for British equity funds and British bond funds falling substantially in the same period.Global bonds were the most popular asset class last year with Towers Watson clients, for which demand virtually doubled compared with 2011. For equities, global mandates were the most popular, followed closely by US equity and global ex-US equity mandates. Overall, bond mandate selections represented USD24bn, while selections of equity mandates represented USD22bn.

The Scottish asset management firm Aberdeen Asset Management on Thursday announced its acquisition of a 100% stake in the US-based, publicly listed asset management firm Artio Global investors, with USD14.3bn in assets under management, for about USD175m.The US firm has a significant fixed income business, with USD9.8bn in assets. That will allow Aberdeen, whose assets total GBP193.4bn, to strengthen its product range in this area, in addition to extending its distribution presence in the United States, a market which it considers strategic.The purchase price will be payable in cash, financed out of Aberdeen’s existing cash resources, on completion of the Transaction. The same day, Aberdeen also announced its acquisition of a 50.1% stake in SVG Advisers, a private equity firm based in London, for GBP17.5m. The firm, with GBP4bn in assets under management, will be combined in with the existing private equity activity at Aberdeen, with GBP0.7bn, to form a private equity fund of fund activity with about GBP5bn in assets under management.The combined business, Aberdeen SVG Private Equity, will be led by Lynn Fordham, chief executive of SVGC. Anne Richards, chief investment officer, and John Brett, head of distribution, will represent Aberdeen on the Aberdeen SVG Private Equity board. Aberdeen has the option to acquire, and SVGC the option to sell, the remaining 49.9% stake at any time from the third anniversary of completion, at a price based on a valuation of the business at the time the option is exercised, subject to a minimum of GBP20 million and a maximum of GBP35 million.

The Principles for Responsible Investment (PRI) on 14 February published two reports which emphasise innovative use of information about environmental, social and governance (ESG) factors in financial analysis, and which show how pension funds integrate ESG criteria into the selection, appointment and monitoring of their managers. The first report, “Integrated Analysis,” finds that ESG criteria are now integrated into the fundamental analysis of equities. Analysts adjust their profit or growth projections according to ESG figures. Nearly 20 case studies of major firms such as Cheuvreux, Citi, Société Générale and UBS show how understanding of the impact of ESG factors on sales, costs and long-term profitability can improve investment decisions. The other study, “Aligning Expectations,” is presented as a guide to ways to integrate ESG criteria into the manager selection process. The document points out that pension funds such as the London Pensions Fund Authority, the Australian Catholic Super and the US CalSTRS have increasingly sophisticated ways of ensuring that their managers fulfil their ESG objectives.

The US-based asset management firm PowerShares Capital Management LLC, based in Chicago, has announced that it is extending its range of low-volatility ETFs, which already includes three products with assets of USD3bn, raised in less than two years.The PowerShares S&P MidCap Low Volatility Portfolio (NYSE Arca ticker: XMLV) and PowerShares S&P SmallCap Low Volatility Portfolio (XSLV) will be admitted to trading on 15 February. They both charge fees of 0.25%, as does SPLV.The first of these funds replicates the S&P MidCap 400 Low Volatility index, which includes the 80 least volatile equities of the past twelve months from the S&P MidCap 400. The second fund is based on the S&P SmallCap 600Low Volatility Index, which includes the 120 least volatile equities of the S&P SmallCap 600 index.

On 13 February, NYSE Euronext announced that it had admitted an ETV from Guggenheim Speicalized Products (Guggenheim Partners group) based on the US dollar/Singapore dollar (USD/SGD) exchange rate, with the acronym FXSG, the CurrencyShares Singapore Dollar Trust, which comes as an addition to the range of eight CurrencyShares products, whose shares can be purchased only in blocks of 50,000, a prospectus released on 8 February states.The product has a TER of 0.40%.

China will be launching its first ETFs based on physical gold this year, which is expected to boost demand for the precious metal, the Financial Times reports, citing the World Gold Council.

The global head of proprietary trading at JPMorgan, Deepak Gulati, is leaving the firm to found his own hedge fund in Switzerland, the Financial Times reports. Argentière Capital will probably be founded in second or third quarter this year, according to two sources familiar with the matter. Gulati’s team at JPMorgan, based in Zurich, will be leaving with him. Argentière is aiming to raise USD500m.

Marc van Heel has resigned from his position as managing director of Goldman Sachs Asset Management (GSAM), a position he has held for the past three years, after serving as country director for Pimco. He is taking a sabbatical until May, and will then join another employer, Fondsnieuws reports. He will announce his new position closer to his start date.The name of his successor at GSAM has not yet been announced.

According to newsletter no. 9 on Retail Distribution Review regulations, published by the FSA (http://www.fsa.gov.uk/static/pubs/newsletters/rdr9.pdf), the number of investment advisers or retail investment advisers (RIA) in the United Kingdom at the end of summer 2012 totalled 35,889, 11.5% less than in summer 2011.Of this total, those who work for IFAs accounted for 58% of RIA personnel, while advisers at banks or building societies accounted for 19%.Although 89% of RIAs are planning to continue their activities and retain their status, 6% intend to retire earlier than they had planned, or to leave the sector, or to take on duties other than those of a financial adviser.93% of RIAs say they have appropriate levels of qualification under RDR rules.

Vanguard Asset Management announced that its full range of 21 UK and Ireland-domiciled low-cost index funds are to be made available on the Skandia Investment Solutions platform by the end of March. The ongoing charges on all of the funds range from 0.15% to 0.55%, with an average of 0.28%. The list of available funds is as follows: Vanguard FTSE UK Equity IndexVanguard FTSE UK Equity Income IndexVanguard UK Inflation Linked Gilt Index FundVanguard UK Long Duration Gilt Index FundVanguard FTSE Developed Europe ex UK Equity IndexVanguard FTSE Developed World ex UK Equity IndexVanguard US Equity IndexVanguard Pacific ex Japan Stock Index FundVanguard Japan Stock Index FundVanguard UK Investment Grade Bond Index FundVanguard UK Government Bond Index FundVanguard Emerging Markets Stock Index FundVanguard Global Small Cap Index FundVanguard Global Bond Index FundVanguard SRI Global Stock Index FundVanguard SRI European Stock Index FundVanguard LifeStrategy™ 20% EquityVanguard LifeStrategy™ 40% EquityVanguard LifeStrategy™ 60% EquityVanguard LifeStrategy™ 80% EquityVanguard LifeStrategy™ 100% Equity

The Newton UK Opportunities fund is changing managers. Ben Russon has left Newton, an asset management firm of the BNY Mellon galaxy, and the GBP422.4m fund is now managed by Paul Stephany, Fundweb reports. Stephany also manages the Newton UK Smaller Companies and Newton Higher Income funds.

Net inflows to long-term UCITS-compliant funds, excluding money market funds, in 2012 totalled EUR234bn, following an outflow of EUR54bn in 2011, according to the most recent statistics from the European fund and asset management association (EFAMA).“2012 was a good year for the European investment fund industry and its clients, thanks to improved financial market conditions. Net sales of UCITS and non-UCITS totaled EUR 331 billion in 2012, whilst net fund assets increased by 12% over the twelve months to reach an all-time high of EUR 8,872 billion,” says Peter de Proft, director general at EFAMA, in a statement. The return to the equity markets was confirmed in December with inflows of EUR13.5bn, comapred with EUR12.9bn in November.Net sales of UCITS amounted to EUR 198 billion, following a net outflow of EUR90bn. Money market funds saw an outflow of EUR37bn, compared with EUR35bn in 2011.Non-UCITS recorded net inflows of EUR 133 billion, compared with EUR99bn. Special funds attracted net sales of EUR107bn, following EUR94bn in 2011.

BaFin in January issued a license to Towers Watson Pensionsfunds AG to launch a pension fund in Germany, which the consultancy says is the first retirement savings plan to be offered to companies in all sectors and all sizes in Germany, independently of any major business or financial service provider.The integrated corporate retirement savings platform will include a pension fund, a contractual trust agreement (CTA) and a retirement savings institution, as additions to the range of advising and administration services from Towers Watson.The Towers Watson Pensionsfunds AG managing board will consist of Michael Karst and Alfred E. Gohdes.

Responding to a demand from the asset management division from Blackstone, which had threatened to withdraw USD550m in assets if it did not have the time to wait for the end of an investigation of SAC Capital for potential insider trading, the hedge fund management firm (USD14bn) has made a proposal to investors, the Wall Street Journal reports : on Wednesday night, SAC informed its clients that they have an additional three months beyond a deadline of Thursday, 14 February at midnight, to decide if they would like to fully withdraw from funds by the end of this year.