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01/02/2013

Julius Baer démarre le transfert de la gestion de fortune internationale de Merrill Lynch

La banque privée suisse Julius Baer a annoncé le 1er février le lancement de l’opération principale de bouclage de son acquisition de l’activité International Wealth Management (IWM) de Merrill Lynch. Cette première phase marque le démarrage du transfert de l’activité et de son intégration qui devrait durer deux ans environ, précise un communiqué. Durant cette période, les entités IWM, les conseillers financiers, leurs relations clients et les actifs sous gestion correspondants seront transférés à Julius Baer dans le cadre d’un processus échelonné dans plus de 20 sites, sous réserve de l’accomplissement des conditions locales préalables.La première étape de l’acquisition et du processus de transfert de l’activité est l’acquisition de Merrill Lynch Bank (Suisse) S.A. et de ses succursales à Zurich et Dubaï par Julius Baer Groupe SA à la date de l’opération principale de bouclage du 1er février 2013. Ce processus englobe la totalité de la banque suisse avec une forte base internationale de clients et des actifs sous gestion d’environ 11 milliards de francs suisses. Merrill Lynch Bank (Suisse) S.A. doit fusionner au sein de Banque Julius Baer & Cie SA à l'été 2013.Boris Collardi, CEO de Julius Baer cité dans le communiqué, relève que «l’activité IWM s’avère être un excellent ajout stratégique qui renforce la présence de Julius Bär sur les principaux marchés en croissance et qui élargit considérablement notre base d’actifs». Julius Baer donnera plus de détails sur l'état et l'évolution future de l’acquisition, du transfert d’actifs et du processus d’intégration le 4 février 2013, lors de la présentation des résultats annuels 2012.
01/02/2013

Cerberus songe à coter son immobilier allemand

Le groupe américain pourrait recourir à une IPO pour ses actifs dans l’immobilier commercial en Allemagne. Selon Bloomberg, ces biens sont valorisés autour de 2 milliards d’euros. Cerberus avait déjà mis en Bourse en 2011 sa participation dans GSW, numéro trois allemand de l’immobilier résidentiel. Quant à LEG détenu principalement par un fonds de Goldman Sachs, le groupe immobilier fera demain ses débuts à la Bourse de Francfort avec un cours d’introduction de 44 euros permettant à ses deux actionnaires vendeurs d’engranger un gain de 1,34 milliard.
01/02/2013

Oddo Services lance sa plate-forme d’assurance vie

Le dépositaire structure son back-office titres dédié à l’assurance vie en reprenant la gestion administrative de 40.000 contrats de Génération Vie, la co-entreprise d’Oddo & Cie et Allianz France. Oddo Services, qui opérait déjà pour Axa et Swisslife via une plate-forme héritée de Banque Robeco, compte proposer son offre à d’autres assureurs. La société gère les contrats d’assurance vie multi-supports à options, les arbitrages programmés et les contrats à «variable annuities», ainsi que les titres vifs contenus dans des contrats d’assurance vie.
01/02/2013

L'Espagne lève l'interdiction des ventes à découvert

L’autorité de la Bourse espagnole a levé hier soir son interdiction des ventes à découvert sur les actions et les obligations, prenant acte du retour au calme sur les marchés après les turbulences de l’année dernière. La Commission nationale du marché des valeurs (CNMV) avait imposé cette mesure en juillet alors que les actions et la dette souveraine espagnoles étaient massivement vendues.
01/02/2013

Sept offres pour la reprise de Maje, Sandro et Pierlot

Des groupes de capital-investissement, parmi lesquels Carlyle et KKR, ont présenté cette semaine des offres non engageantes pour la reprise des marques de prêt-à-porter Maje, Sandro et Claudie Pierlot, ont déclaré à Reuters des sources proches de l’opération. Les offres présentées valorisent les trois marques à plus de 650 millions d’euros.
01/02/2013

Seymour Pierce dans le brouillard

Le conseil d’administration du courtier s’est réuni hier soir selon le quotidien afin de discuter du futur de la société qui peine à lever des fonds, du fait du blocage depuis des mois par la FSA de l’intervention d’un investisseur ukrainien. Seymour Pierce doit donc se tourner vers d’autres intervenants pour une prise de participation ou un rachat.
01/02/2013
Gestion d'actifs

Humanis recherche toujours des produits d'obligations court terme

D’après nos sources, le groupe Humanis est toujours à la recherche de produits d’obligations court terme, même s’il vient de sélectionner deux gérants : Octo Asset Management Schelcher Prince Nous disposons d’une relation de longue date avec Schelcher Prince, surtout sur les convertibles au travers de fonds dédiés. Pour la partie satellite, nous sélectionnons des sociétés de gestion de taille intermédiaire, avec lesquelles nous bénéficions d’une écoute toute particulière, ainsi qu’une très bonne réactivité précise notre interlocuteur.
Gestion d'actifs
01/02/2013
ESG

En quête d' indicateurs pour mesurer la performance ESG des investissements

Une offre réduite face à la demande croissante des institutionnels Sur 65 sociétés de gestion impliquées dans l’Investissement Socialement responsable (ISR) en France, seules 7 ont développé des indicateurs ESG dont Novethic dresse le tableau. Or, les institutionnels qui pratiquent l’investissement responsable souhaitent en rendre compte avec des indicateurs simples, accessibles à leurs parties prenantes et leur permettant d'évaluer le bénéfice environnemental et social de leurs démarches. Ils veulent par ailleurs comparer les performances de leurs gérants sur ces mêmes critères. Les freins au développement Les sociétés de gestion citent comme principal obstacle la pénurie d’indicateurs fiables issus des entreprises, pertinents et comparables d’un exercice à l’autre. Autre difficulté exprimée, le rythme de publication de ces informations, qui est au mieux annuel, avec des données arrêtées au 31 décembre de l’année précédente. Par ailleurs, un indicateur tel que les émissions de gaz à effet de serre n’est pas représentatif de l’ensemble d’une démarche de développement durable. La gestion ISR a une approche multicritères qui peut pâtir d’une sous-performance d’un fonds en termes d'émissions de CO2 alors que l'évaluation globale des entreprises montre une surperformance ESG. Une comparaison difficile Les méthodologies actuellement développées par quelques acteurs permettent de comparer les performances ESG d’un fonds par rapport à son indice de référence mais pas de calculer son impact réel en termes d'émissions de CO2 ou de créations d’emplois. Enfin, chaque acteur ayant sa propre méthodologie, la comparaison entre les fonds ISR sur ces indicateurs ESG est quasi impossible. Pour en savoir plus : Télécharger la synthèse de l'étude / Télécharger l'étude
ESG
31/01/2013

Les recettes fiscales ont bondi en Allemagne

Selon les données mensuelles publiées par le ministère des Finances, les recettes fiscales ont progressé en Allemagne de 4,7% en 2012 par rapport à l’année précédente pour atteindre 552 milliards d’euros grâce à une progression de 8,3% de l’impôt sur les sociétés et de 6,7% de l’impôt sur le revenu. Cette hausse a permis à l’Allemagne de ramener son déficit public à 0,35% du PIB en 2012.
31/01/2013

Diminution de l’inflation allemande en janvier

L’inflation a diminué plus que prévu au mois de janvier en Allemagne sous l’effet de rabais après les fêtes de Noël et de l’appréciation de l’euro, selon des données préliminaires laissant augurer d’un infléchissement par la BCE de sa politique monétaire. La hausse des prix en rythme annuel est ressortie à 1,7%, revenant ainsi sous l’objectif de moyen terme de la BCE de 2% l’an pour l’ensemble de la zone euro.
31/01/2013

L'indice PMI de Chicago à un plus haut depuis avril 2012

L’activité économique dans la région de Chicago a marqué une amélioration bien plus marquée que prévu en janvier, après avoir inscrit un plus bas de plus de trois ans le mois précédent, montre l’enquête mensuelle réalisée auprès des directeurs d’achats. L’indice PMI régional est ressorti à 55,6 contre 50,0 en décembre, tandis que le consensus Reuters le donnait à 50,0.
31/01/2013

Forte hausse des revenus des ménages américains en décembre

Les revenus des Américains ont augmenté de 2,6% en décembre, leur plus forte hausse depuis huit ans. Le panel Reuters prévoyait en moyenne une hausse de 0,8%. Les revenus ont été soutenus en décembre comme en novembre par le versement de dividendes exceptionnels et le paiement avancé de primes et de bonus avant l’augmentation des prélèvements obligatoires début janvier.
31/01/2013

Amundi opens an affiliate in Taiwan

Amundi, which has been present in Asia for 30 years, with assets of USD70bn for Asian investors, has officially opened the office of a wholly-owned subsidiary in Taipei, Amundi Taiwan, whose chairman is Jean-Paul Mazoyer, deputy head of Amundi.The new affiliate was founded in December, and has received a license from Securities Investment Consulting Enterprise (SICE) from the Securities & Futures Bureau (SFB). The objective is to forge closer and more lasting ties with Taiwanese investors.Mazoyer points out that the new office comes in addition to Amundi’s offices in Japan, Hong Kong, Singapore, South Korea, China, Malaysia and Brunei.Yves Perrier, CEO of Amundi and a member of the executive board at Crédit Agricole SA, says Asia is a growth region, with favourable demographics, an enormous pool of savings and pension funds with highly significant assets. Amundi is highly positive about the future of Taiwan, which explains the creation of the local affiliate.
31/01/2013

Natixis GAM launches a retail fund in the United Kingdom

Fundweb reports that Natixis Global Asset Management has entered the British market, with the Loomis Sayles Strategic Income fund, managed by the multi-sector bond team led by Dan Fuss, Elaine Stokes and Matt Eagan. The fund will invest in corporate, convertible and government bonds.The fund is the first sub-fund of a British-registered OEIC vehicle.
31/01/2013

Vanguard launches its first ETF funds in Switzerland

Vanguard Asset Management on Wednesday morning announced the launch of its first ETF funds in Switzerland, with the cross-listing on SIX of three of its Irish-domiciled products, in a further step in its continuing deployment in Europe.The three physical replication funds in question are the Vanguard S&P 500 ETF, the Vanguard FTSE All-World ETF, and the Vanguard FTSE Emerging Markets ETF. They carry TERs of 0.09%, 0.25%, and 0.45%, respectively.The introduction in Switzerland follows the launch of the first five European ETFs from Vanguard AM in London. The firm is planning to compete with its existing rivals on this market with a low-cost product range.Vanguard AM manages USD245.6bn in ETFs assets. In the US, Vanguard set a mutual fund industry record in 2012 with USD141.2 billion in net cash inflow, including USD52.2 billion in ETF inflow.
31/01/2013

Assets under management at Union Bancaire Privée up 12%

Assets under management at Union Bancaire Privée (UBP) as of 31 December 2012 totalled CHF80bn, up 12% compared with the end of 2011, according to a statement released on 30 January. “This increase is the result of net inflows of funds from private and institutional clients, good performance of management, and acquisitions,” a statement says. UBP has acquired Nexar Capital Group and ABN Amro Bank (Switzerland). Consolidated net profits for the group totalled GBP175m in 2012, virtually identical to the previous year (CHF176m). The operational integration of ABN Amro Bank (Switzerland) AG was completed on 31 May 2012, thus synergies were realised only in second half.
31/01/2013

Investor confidence index up in January

State Street Global Markets has announced that its global investor confidence index has risen for the second consecutive month in January, from 81.4 in December (revised from a previously announced 80.9) to 86.8. This rise is largely the result of an improvement in the confidence of North American institutional investors, whose confidence index has risen from 78.5 in December (instead of the 77.8 initially announced) to 86.3.In Asia, the confidence index rose by 3.9 points, to 91.0, while appetite for risk on the part of European investors has fallen, to 89.6 from 94.1 the previous month (which had previously been announced at 95.2).
31/01/2013

Lyxor opens a new share class to institutionals

IPE reports that Lyxor Asset Management has created a share class for commingled investors on its hedge fund managed accounts platform.The product is aimed at institutionals, whose minimal investment levels are high, which will allow these investors to trade at lower commissions with underlying hedge fund managers.
31/01/2013

Inversis entrusts KPMG with the search of a buyer

Shareholders in Inversis Banco at the end of last week rejected a bid of EUR100m from Andorra’s BPA, and the Madrid-based firm has instead retained KPMG to undertake an audit and valuation of the firm, Funds People reports. The objective is clearly to find a buyer.As of 30 September, assets under custory at Inversis totalled EUR38bn. Its investment funds represent EUR2bn.
31/01/2013

Foreign asset managers gain ground in Spain

At a time when Spanish funds lost assets last year because redemptions were so high, foreign asset managers have seen an increase in their assets of 17.8% to USD53bn, the Inverco association of asset management firms estimates on the basis of data from 22 firms, with total assets of EUR37.65bn. Funds People reports that these 22 firms had net subscriptions of EUR4.7bn, meaning that the volume of net inflows may be valued at EUR6bn for foreign firms overall.JPMorgan remains the largest foreign player, with nearly EUR6bn in assets (+10.6% in one year), followed by BlackRock (EUR5.03bn, +54.7%) and Amundi (EUR3.3bn, +20.5%). BNP Paribas IP, however, has seen a decline of 9.7%, to EUR2.03bn. The strongest increases in assets under management were at Pictet (+78.7% to EUR1.59bn) and M&G Investments (+77.3% o EUR1.74bn).
31/01/2013

Amundi posts highest net inflows in France in 2012

Amundi, Groupama Asset Management and Carmignac Gestion are doing well. According to a report on collective management in France undertaken by EuroPerformance – a SIX Company, these three firms showed progess in terms of assets and the highest inflows to their French-registered funds in 2012, with sometimes large discrepancies from their immediate competitors, as was the case for all affiliates of banking groups. Amundi has seen an increase of EUR16.053bn in its assets, while in second place, BNP Paribas Asset Management shows «only» a positive variation in its AUM of EUR6.191bn. The Crédit Agricole affiliate has posted a net inflow of EUR6.507bn, putting it far ahead of its rivals.For affiliates of insurers, Groupama AM (GAM) cannot claim as high a level of assets as Aviva Investors, which is second in the rankings for high variations in assets. Assets under management at Groupama, however, rose by EUR2.430bn, compared with EUR0.934bn for Aviva Investors. Groupama AM has also posted a net inflows of EUR1.780bn, which is twice as high as inflows at Macif Gestion, for example, its immediate competitor in the rankings (EUR0.934bn).In the independent asset management firm category, Carmignac Gestion has kept a strong lead over the second in the rankings, Oddo AM, with a variation in its assets of EUR5.202bn, compared with EUR1.306bn for its competitor. In terms of inflows, the asset manager based in the Place Vendôme in Paris has persisted, and is doing two and a half times better than Union Bancaire Gestion Institutionelle, second in the rankings (EUR2.465bn, compard with EUR0.962bn).The full study is available at www.europerformance.fr The following URL leads to its most recent address at that site: http://www.europerformance.fr/publications/bilan-annuel/16.html
31/01/2013

Significant rise in assets and profits at T. Rowe Price

As of the end of December, assets at T. Rowe Price totalled USD576.8bn, compared with USD574.4bn as of 30 September, and USD489.5bn twelve months previously. Net profits for 2012 increased to USD883.6m, up from USD773.2m the previous year.USD17.2bn of this increase of the USD87.3bn increase in AUM is due to net subscriptions (of which USD10.1bn are for retirement savings target date portfolios), and USD70.1bn are due to market effects.The Baltimore-based asset manager says that assets in mutual funds totalled USD346.9bn, or USD4bn more than at the end of September (USD0.4bn in net outflows and USD4.4bn in positive market effects in fourth quarter), USD57.5bn more than at the end of 2011.T. Rowe Price states that it has no debt and that its liquidity amounts to USD2bn.
31/01/2013

US hedge fund invests in Greek gaming monopoly OPAP

The US hedge fund Baupost Group now holds a 5.2% stake in the capital of the Greek firm OPAP, which holds a monopoly on gaming in the country, the news agency Reuters reports. Baupost is the third investment fund to acquire a significant stake in OPAP, which is valued at about EUR2.05bn. Silchester Inv. And Fidelity Investments already hold stakes of 5% each. Two other funds, Third Point and TPG Capital, are among the candidates interested in acquiring a 33% stake in OPAP which will be sold off in the next few months. The Greek government has planned to sell off most of its stake in OPAP as part of a privatisation fo government assets to raise about EUR2.6bn in 2013.
31/01/2013

Head of sales leaves Fidelity

According to information obtained by Newsmanagers, Julien Jacquet will be leaving Fidelity in Paris, where he had served as head of sales to banks. The head, who will be taking on a new professional project, had been working at Fidelity for over five years.
31/01/2013

Acropole AM aims for complementarity with Financière de l'Echiquier

Jacques Joakimides, chairman and CEO of Acropole AM, has called the acquisition of his firm by Financière de l’Echiquier a “deal,” which remains subject to approval by the market authorities. “The deal was reached in six months,” the head says, “but not at the price announced in the press of 3% of assets.”The manager will join the board of directors at Financière de l’Echiquier, and will also serve as adviser to the chairman. The management team at Acropole AM will be retained virtually intact, as will the names of the firm and its funds. However, the convertible bond specialist firm will move from its current offices to join those of Financière de l’Echiquier in late March or early April.Joakimides says the two firms are highly complementary. “Management at Financière de l’Echiquier includes high quality equity research, while the attraction of our management is clear,” the Acropole AM head says. The ranges of funds at each firm will not undergo any mergers as the firms merge.Among the declared objectives, the sales teams at Financière de l’Echiquier will rapidly drive sales of convertible bond funds through IFAs and advisers with increased vigour, as clients of the firm had previously been wholly institutional.
31/01/2013

US pension fund plans to divest from oil firms

The pension fund Seattle City Employees’ Retirement System, with USD2bn in assets, will on Thursday discuss a request from Miek McGinn, mayor of the city, to sell its stakes in major oil firms, due to the threat they pose in terms of climate change, the Financial Times reports. The firms in question are ExxonMobil and Chevron. If the fund were to wholly sell off its stakes in those businesses, it would be the first to do so.
31/01/2013

Collective management in France: Better, but not perfect

First impressions can be deceptive. Due to positive market effects, 2012 appears to have been a far more favourable year for asset management in France than the year before. According to a study by EuroPerformance – a SIX Company, overall assets of EUR763bn as of the end of December mean growth of EUR33bn in assets under management by French-registered funds. This is an increase of 4.5% in twelve months. However, for the third consecutive year, the market shows net outflows. These outflows may total only EUR13.3bn, far from the level of net inflows of EUR83bn recorded one year earlier, but overall assets remain 13% lower than they were three years ago, and 27% lower than they were in 2007.In its analysis, Europerformance attributes this loss of momentum for management in France to several factors. Difficulty in capturing the savings of households rendered cautious by the volatility of markets, competition from bank savings accounts and real estate investments, high taxes and the fact that short-term assets are trapped by investment flows, even in long-term savings products such as employee savings plans, are some of these factors. Additionally, an offensive by foreign investment firms appears to be becoming more marked. The survey finds that the number of foreign funds authorised for sale in France rose 15% in 2012, and assets totalled roughly EUR205bn, according to estimates by AFG.The full study is available at www.europerformance.fr The following URL leads to its most recent address at that site: http://www.europerformance.fr/publications/bilan-annuel/16.html
31/01/2013

Russell launches a range of defensive fundamental indices

As a complement to the Russell Defensive indices, which are cap-weighted, Russell Indexes is launching the Russell High Efficiency Defensive Indexes™, which integrate a range of economic and market risk factors, to create a stability score which is intended to help investors to identify high quality and low volatility equities and to over- or underweight their exposures in line with their stability score, rather than their capitalisation size.Russell Indexes also announces that the new High Efficiency Defensive indices represent the first and only range of Russell low volatility indices to offer a low tracking error, which is important for retirement savings plans and foundations. This characteristic is the result of a cooperation with Westpeak Global Advisors, with the new Russell indices based on its ActiveBet® portfolio construction methodology.Initially, the High Efficiency Defensive Indexes range will include 22 indices, which will be derived from the Russell US and Global indices.

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