Les dirigeants du groupe étaient notamment à Bercy en fin de semaine dernière. L'idée de transferts de technologie a été évoquée

Près des deux tiers de l’univers est désormais classé « investment grade », et les performances sont corrélées au niveau des taux américains

Des élus ont rejeté les mesures de lutte contre le surplus de droits à polluer. Des analystes redoutent un carbone à 3 euros la tonne

Selon Dealogic, les entreprises espagnoles, portugaises et italiennes ont levé pour près de 61 milliards de dollars de dettes sur les marchés

A l’occasion d’un déjeuner organisé par Oddo AM sur les obligations convertibles, Roger Caniard, responsable de la gestion convertibles de la MACSF est intervenu sur l’intérêt de cette classe d’actifs dans la gestion d’actifs d’un assureur vie : La MACSF a pour objectif de délivrer un taux servi net de 3.5% (4.5% avant frais de gestion) sur l’assurance vie qui représente 18 milliards d’euros d’actifs gérés. Pour y parvenir, nous avons mis en place une allocation d’actifs traditionnelle qui se repartit comme suit : L’allocation d’actifs de la MACSF au 31/12/2012 : 59.80% d’obligations à taux fixe 12.70% d’Obligations convertibles 12.50% d’obligations à taux variable 6.8% d’actions 4.1% de monétaire 3.6% d’immobilier 0.5% de gestion alternative La poche d’obligations convertibles est structurellement importante (elle a pu atteindre 37% de l’allocation certaines années). Nous souhaitons accompagner le marché en ce début d’année, avec les nouvelles émissions de convertibles, ce qui nous permettra aussi de limiter le coût de portage sur le monétaire. Nous n’allons pas augmenter nos investissements en actions car les provisions ont été passées pour des montants importants ces dernières années et parce que la provision pour risque d’exigibilité (PRE) a un impact négatif sur le compte de résultat. Nous recherchons des convertibles mixtes pour jouer le passage en profil action : achats à taux positif et revente des profils trop action ou trop désensibilisés. Les obligations convertibles comportent un plancher actuariel qui peut disparaître et nécessitent donc de contrôler le risque crédit. Nous nous posons ainsi deux questions : le risque crédit est-il acceptable? et l’option sur l’action sous jacente est-elle intéressante? Les risques crédit doivent faire l’objet d’une analyse financière interne qui complète celle des agences de notation. Depuis 2008, nous rendons compte chaque semaine du détail de nos positions pour lesquelles un risque de défaut est le plus probable, même si beaucoup de convertibles ne sont pas notées. Les caractéristiques techniques des convertibles restent attractives : les taux coupon baissent mais la sensibilité à la hausse de l’action sous jacente augmente. Notre gestion spécifique des convertibles nous conduit à sous performer à la hausse et à sur performer à la baisse. Exemple: En 2005 : +8.7% (contre +10.33% pour ECI Euro) En 2006 : +8.09% (contre +11.08% pour ECI Euro) En 2007 : +2.44% (contre +3.76% pour ECI Euro) En 2008 : -17.34% (contre -24.40 pour ECI Euro) En 2009 : +21.43% (contre +21.85% pour ECI Euro) En 2010 : +2.99% (contre +2.27% pour ECI Euro) En 2011 : -5.97% (contre -9.58% pour ECI Euro) En 2012 (nov) : +10.74% (contre +16.18% pour ECI Euro) Enfin, sous Solvabilité II, les convertibles offrent un coût en capital particulièrement attractif. Dans le cas de la MACSF, le SCR taux est de 2.91%, le SCR signature de 4.71% et le SCR actions de 2.58%. Point important, le coefficient de pénalisation est plus faible pour les convertibles non notées (3%) par rapport aux convertibles notées B&- (7.5%).

Madrid pourrait lever cette semaine son interdiction des ventes à découvert sur les actions et les obligations, sauf pour les banques qui ont été particulièrement attaquées par les spéculateurs l’an dernier. La Commission nationale du marché des valeurs (CNMV), l’organisme espagnol de supervision, doit se décider d’ici vendredi sur la prolongation ou non de cette interdiction imposée en juillet alors que les actions et la dette souveraine espagnoles étaient massivement vendues.

L’accord récemment passé sur le plafond d’endettement des Etats-Unis éloigne le risque d’un abaissement de la note AAA du pays, a déclaré lundi l’agence Fitch. «Un accord sur un plan de réduction du déficit crédible à moyen terme, qui ne remette pas en cause le principe de soutenir la reprise économique, déboucherait sans doute sur la confirmation du AAA américain et sur une révision de la perspective de négative à stable», explique l’agence.

Le Fonds européen de stabilité financière (FESF) a mandaté Deutsche Bank, HSBC et Royal Bank of Scotland pour un nouvel emprunt de référence en euro à cinq ans. Les premières indications pour le prix d'émission donnent une vingtaine de points de base au-dessus de la courbe des swaps, a confié à Reuters une source bancaire, ajoutant que le livre d’ordres serait sans doute ouvert mardi, en fonction des conditions du marché.

Un baromètre des projets d’investissement des entreprises aux États-Unis s’est affiché en hausse en décembre, laissant penser que les craintes générées par le risque d’un «mur budgétaire» ne semblent pas avoir autant pesé sur l’investissement qu’on pouvait le craindre fin 2012. Le département du Commerce a fait état de commandes de biens durables hors défense et hors aviation en légère hausse de 0,2%.

Les promesses de ventes immobilières aux Etats-Unis ont diminué contre toute attente au mois de décembre, après trois mois de hausse, selon les chiffres de l’Association nationale des agents immobiliers (NAR), sans que cela ne remette en cause la tendance de fond à un redressement du marché. L’indice des promesses de ventes calculé par l’association a baissé de 4,3% en décembre par rapport à novembre, à 101,7.

Première collectivité territoriale à émettre sur les marchés obligataires en 2013, la Région Nord-Pas-de-Calais a émis un placement privé obligataire d’un montant de 30 millions d’euros à 20 ans,à remboursement in fine, offrant un taux de 3,45%, soit équivalent à une marge sur mid-swap de 1,10%. HSBC France a piloté l’opération en solo.

Credit Suisse is facing claims for damages and interest that may run as high as USD2bn in a lawsuit filed by investors who lost money in the United States. Several news agencies are reporting that a US judge on 25 January claimed that the courts may require compensation. The Swiss firm is facing claims related to its involvement in the bankruptcy of National Century Financial Enterprises in 2002. The plaintiffs accuse the firm of having misled them about the actual situation at the firm at the time when it sold National Century shares on capital markets. In a previous hearing, a judge valued the claims to investors who lost money in the affair at nearly USD2bn. The verdict represents a step towards victory for the plaintiffs, who include the State of Arizona, Lloyds TSB bank, Alliance Bernstein Holding and the asset management firm Pimco, an affiliate of the insurer Allianz.

The European Financial and Asset Management Association (EFAMA) and the British Investment Management Association (IMA) have openly called for the United Kingdom to be kept inside the European Union, reacting to the news last week that David Cameron last week called for a referendum on an exit of the UK from the European Union.“EFAMA and IMA strongly believe that Asset Management in the EU benefits hugely from the UK industry’s involvement, both commercially and from its positive influence in the shaping of regulation. We also believe that the UK asset management industry gains hugely from the Single Market,” Peter de Proft, director general of EFAMA, and Daniel Godfrey, chief executive of IMA, declare in a joint statement.“The whole EU Asset Management industry continues to keep the interests of investors at the heart of its work and to maintain the UK industry’s prominent role in policy formation within the EU framework,” the two heads add.

Agefi reports that the chairman of UBS, Alex Weber, has raised the possibility of an out-of-court settlement involving the entire banking sector in the Libor rate manipulation scandal, at a meeting in Davos, according to Reuters. At the meeting were Mark Carney, furutre governor of the Bank of England, the CEO of JPMorgan, Jamid Dimon, the CEO of Citigroup, Mike Corbat, and the chairman of HSBC, Douglas Flint, the newspaper reports.

L'année 2012 a été une année faste pour M&G France qui affichait fin décembre des actifs sous gestion de 3,5 milliards d'euros contre 1,5 milliard d'euros fin 2011. Dans un entretien à Newsmanagers, Brice Anger revient sur les raisons de cette réussite et décline ses projets pour 2013.

The pace of inflows to equity funds ebbed again as recent European data and IMF forecasts prompted investors to take a more sober look at their assumptions for 2013, but the asset class nonetheless remains the most popular one at the beginning of this year, according to the most recent estimates by EPFR Global.Equity funds absorbed a collective USD5.65 billion -- of which over 70% flowed into emerging markets equity funds – during the week ending Jan. 23.Meanwhile, bond funds took in a net USD3.71bn, and money market funds saw USD6.78bn redeemed. High yield bond funds alone attracted USD615m, of which USD437m were for European high yield funds.Year-to-date equity and bond funds have posted inflows of USD39 billion and USD18.7 billion respectively versus USD15.82 billion and USD17.84 billion for the comparable period last year.

On Friday in Davos, George Soros said on Bloomberg Television that hedge funds have become a dominant group on the market, and can no longer collectively outperform the market, Die Welt reports.He emphasizes that clients of hedge funds should also expect lower returns since the managers of these funds are greedy for commissions.

Demand has begun to rise again, and benchmark indices of the fine wine market appear to be sustainably recovering. The Liv-ex 100 rose 1.3% in December, while the Liv-ex Investables was up 1.2%, according to statistics from The Wine Investment Fund (TWIF). This trend continued in January, while for 2012 as a whole, the Liv-ex 100 index lost 9%. According to TWIF, the benchmark index may rise by 14% in 2013. Sales are rising rapidly in Asia, particularly Hong Kong and China, as well as in North America.

Irish-based Kleinwort Benson Investors Dublin (KBID) has announced that the US multi-management firm Virtus Investment Partners is buying a 24% stake in its affiliate, Kleinwort Benson Investors International (KBII), registered in the United States, which is sub-advisor to the mutual fund Virtus Emerging Markets Equity Income Fund, launched on 1 September. The total sale price has not been disclosed.Sean Hawkshaw, CEO of KBID, emphasizes that the strategic alliance will allow KBI to benefit from the multi-boutique model and retail distribution capacities of Virtus, while the latter may benefit from access to quality institutional investment processes focused on income strategies for equities and natural resources at KBID, which also has an international client base.KBID, an affiliate of the RHJ International group, had EUR3.4bn in assets under management as of the end of September, while KBII had assets of EUR979m (EUR742m), as of 31 December.

A growing number of hedge funds and broker-dealers are using electronic data and tools to analyse this data to develop new algorithms and new investment strategies. Conservation specialists also use them to help clients to take better investment decisions and to improve management of liquidity in their portfolios. The research agency Celent estimates in a study entitled “Big Data in Capital Markets: Expanding the Search fro Big Ideas” that spending dedicated to data on capital markets may total USD1.2bn in 2013, and USD2.4bn in 2015. The study finds that asset management firms are interested in research using data to the extent that analytical tools can provide them access to sources of data which may help them to create house investment strategies, and thus give them a competitive advantage.

Bank of America on 25 January announced the creation of the International Consulting Council (ICC), with thirteen members, all internationally renowned businessmen and personalities from the public and acedemic spheres. The former French finance minister Thierry Breton, chairman and CEO of Athos, is one of the members of the Council, as are the CEO of the Kuwaiti sovereign funds, Bader M. Al Sa’ad, and the president and CEO of the South Korean sovereign fund, Chong-Suk Choi. The ICC has been founded to advise Bank of America in global strategy, and to help it to strengthen its presence internationally. The International Consulting Council at Bank of America, founded and chaired by Brian Moynihan, Chairman and CEO, will have the mission of advising the bank on direction, trends and opportunities on major local markets.

US pension funds and foundations last year placed only 40% of their porfolios with large generalist asset management firms, compared with 45% in 2011, the third annual edition of the U.S. Institutional Investor Brandscape report published by Cogent Research reports. Analysis of responses shows that instituitonal investors now allocate the majority of their assets to specialist managers, or other generalist asset managers, or to managers of single hedge funds.For endowments and foundations in particular, the proportion of portfolios placed with the major generalist asset management firms fell as far as 32% in 2012, compared with 40% one year previously, while 54% of assets were allocated to smaller and less well-known asset management firms with specialised areas of expertise.Ninda York, author of the study, points out that the trend is expected to be hard news for asset management firms targeting the institutional client segment. The 41 top calibre management firms are facing a considerable challenge to develop their activities, Cogent Research observes, as they are winning a shrinking number of mandates. The tendency for institutional investors to look to providers other than the major generalist asset management firms is related to a lack of confidence on the ability of these actors to manage the asset classes that investors are now interested in. The report also highlights that pension funds are losing ground among institutional investors, and now represent only 43% of the total number of actors, compared with 48% in 2010. This is a sign that foundations and other 501(c)3tax-exempt organisations are becoming a majority, and that they will have a larger influence on the direction the market takes in the future.

The US asset management firm BlackRock, acting on behalf of its clients and funds under management, on 24 January declared to the French financial regulator, the Autorité des marchés financiers (AMF), that on 18 January this year, it passed the 5% threshold in the capital of Société Générale. For the aforementioned clients and funds, it controls 39,030,082 shares in the bank, representing as many voting rights, for 5.002% of capital and 4.48% of voting rights in the firm, an AMF statement dated 25 January states.

BlackRock has awarded its CEO, Laurence D. Fink, shares worth USD12.4m, according to Bloomberg, citing a regulatory filing. This includes 32.884 shares, valued at USD7.65m (as of 18 January). The bonus runs for three years from January 2014. BlackRock has awarded him additional shares, subject to certain performance objectives, worth USD4.75m. This remuneration in shares is 14% up over the previous year. Fink’s total remuneration has not been disclosed, however. In 2011, he made USD21.9m.

BlackRock has offered to buy about USD80m in shares in Twitter as part of a transaction which would value the short messaging service at over USD9bn, the Wall Street Journal reports, citing sources familiar with the matter. The shares would be purchased form employees of the firm.

Russell Investments has recruited Sjef Pieters has head of Scandinavia, IPE.com reoprts. He will be based in Amsterdam, and will be responsible for the institutional market in the region. He joins from SAIL Advisors, where he had been senior vice president. Before that, he had been head of Lyxor Benelux, and a principal at Barclays Global Investors.

María Dolores Dancausa, MD, has announced that Bankinter is aiming for assets of EUR20bn by the end of 2015 in private banking, compared with EUR14.7bn currently, which would increase its market share to 10% from 6% in three years, Funds People reports. The ambition is for this unit to focus on clients with over EUR1bn in financial savings, and to contribute 25% of the bank’s revenue.Currently, the Bankinter private banking arm has 38 branches, with 200 private bankers, 177 of whom were already staff, while the remainder were recruited externally.Bankinter funds have assets of EUR5.03bn, compared with EUR4.74bn one year earlier, while assets in pension funds totalled EUR1.39, compred with EUR1.25bn, and discretionary mandates represent EUR1.43bn, compared with EUR1.34bn.

In December, the two asset management firms which recorded the highest net inflows in Italy were Intesa Sanpaolo, with EUR597m, and State Street Global Advisors, with EUR581m. This comes at a time when net inflows to open-ended funds totalled EUR206m for the month, according to the most recent statistics from Assogestioni, the Italian association of asset managers. Franklin Templeton comes in third place, with EUR310m. At the other extreme, the firms which posted the largest net redemptions were Generali, with outflows of slightly over EUR5bn, AM Holding, with EUR494m, and BNP Paribas, with EUR322m.

The Swiss private bank Lombard Odier, which signed a cooperation agreement with the South Korean Kookman Bank last month, is planning to sign further partnerships in Asia, Asian Investor reports. Lombard Odier is also seeking to recruit client advisers in Singapore to develop in the Indonesian high net worth private client segment. Assets under management from the Asia-Pacific region currently total about EUR8bn, equivalent to 4% of total assets of EUR200bn.

La Française has announced the launchof the LFP Rendement Global 2018 target date fund.The bond fund, with maturity in 6years, is focused on European and US credit and emerging market debt.Europe/US credit may represent up to 10% of the fund’s allocation.The portfolio may invest in countries outside the OECD (emergingcountries) for up to 30% of the allocation. Positions in US dollarsare hedged for currency risks.CharacteristicsAvailable shares: I –FR0011370998 (capitalisation), R – FR0011370972 (capitalisation),D – FR0011370980 (distribution)Front-end fees during the salesperiod: noneFinal closure of the fund tosubscriptions: 30 September 2013, at the latestWithdrawal penalties: noneI shares = 0.7% total including taxes,including fees for management functions: 0.6% maximum total includingtaxesR/D shares = 1.3% total includingtaxes, including fees for management functions: 1.2% total includingtaxes