Le fonds alternatif Edoma s’est brûlé les ailes sous le feu d’un marché chaotique
Pierre-Henri Flamand, ancien cadre de Goldman Sachs, a annoncé la fermeture du fonds qu’il avait créé il y a deux ans seulement
La Grèce ne convainc toujours pas la Troïka
L'Eurogroupe veut plus de garanties avant de statuer le 12 novembre. Le déficit 2013 est révisé en hausse
La Grèce ne convainc toujours pas la Troïka
L'Eurogroupe veut plus de garanties avant de statuer le 12 novembre. Le déficit 2013 est révisé en hausse
Les banques resserrent le crédit
Pessimistes sur l’activité, les banques ont encore durci leurs conditions de prêt aux entreprises au troisième trimestre tandis que la demande s’affaisse.
Les banques continuent de restreindre le crédit aux entreprises
La dernière enquête de la BCE montre encore un resserrement des conditions au troisième trimestre malgré l'amélioration du financement des banques
Desjardins et le Crédit Mutuel-CIC font fonds commun
Dans le contexte de l’accord-cadre de coopération signé l’an passé, le groupe coopératif bancaire canadien Desjardins et le Crédit Mutuel-CIC viennent de créer avec d’autres participants un fonds de 50 millions de dollars visant à investir au capital d’entreprises technologiques canadiennes. A terme, le fonds devrait être doté de 100 millions de dollars, selon la présidente de Desjardins, Monique Leroux.
Les sociétés européennes revoient leur copie en Amérique latine
Selon le journal, de nombreuses sociétés de l’Europe du Sud, notamment en Espagne, au Portugal, et en Italie, qui ont de plus en plus de mal à se financer et souffrent de la baisse de l’activité sur leurs marchés domestiques, sont entrées dans une phase de cession de leurs actifs en Amérique latine, pour envisager des introductions en Bourse de filiales locales ou des levées de fonds dans cette région. «Alors que l’économie va si bien là-bas, le crédit disponible a explosé en Amérique latine» estime Giancarlo Guenzi, directeur financier du groupe de péages autoroutier italien Atlantia SpA, cité par le journal.
Signes d'améliorations sur le marché du travail américain
Les résultats de l’enquête mensuelle ADP publiés hier montrent que le secteur privé américain a créé 158.000 emplois au mois d’octobre, la plus forte progression observée depuis février. Ce chiffre, nettement supérieur aux attentes, a été élaboré selon la nouvelle méthode de calcul adoptée afin de s’aligner davantage sur les chiffres officiels de l’emploi.
Au G20, le Canada défendra le calendrier de Bâle 3
Le Canada va appeler l’ensemble des pays concernés à respecter le calendrier initial de mise en application des règles de solvabilité bancaire dites de Bâle 3 lors de la réunion des ministres des Finances et banquiers centraux du G20 ce week-end, a déclaré jeudi un haut fonctionnaire canadien. Le Canada considère la crise de la dette dans la zone euro comme le principal risque à court terme pour son économie.
La productivité américaine croît à un rythme modéré
D’après le département du Travail, la productivité, qui mesure la production horaire par salarié, a progressé de 1,9% en rythme annuel au troisième trimestre. Il s’agit d’une première estimation. Au deuxième trimestre, la productivité avait augmenté de 2,2%. Le coût unitaire du travail a diminué de 0,1%, au lieu de la hausse de 1,0% attendue par les analystes.
Les administrateurs britanniques de MF Global remportent une manche
La justice a donné raison hier aux administrateurs britanniques de MF Global qui cherchent à valoriser des titres de dette souveraine réclamés par l’administrateur de la partie américaine. Ce dernier, James Giddens, estime que la filiale basée à Londres doit quelque 287 millions de livres pour solder des accords de rachat internes sur de la dette portugaise, espagnole et irlandaise. KPMG, l’administrateur britannique, estime qu’il ne doit que 60 millions de dollars environ.
Eric Rosengren dessine les limites du QE3
Le président de la Fed de Boston qui compte parmi les 19 membres du Comité de politique monétaire de la Réserve fédérale, a indiqué cette nuit que la banque centrale devrait poursuivre sa politique de rachats d’actifs au moins jusqu’à ce que le taux de chômage soit redescendu sous la barre des 7,25%, et maintenir ses taux proches de zéro tant qu’il reste supérieur à 6,5%.
Le régime de rentes du mouvement Desjardins pourrait augmenter sa poche dédiée aux actions non cotées
En dehors des actions cotées, l’allocation en titres de croissance comprend le capital investissement, dont le poids dans le portefeuille global pourrait être porté à 5 % contre 3 % actuellement. « La décision de renforcer le capital investissement est guidée par notre objectif de surperformance de 3 % par rapport aux marchés action traditionnels et une réduction de la volatilité », prévient Raymond Laurin, premier vice-président et conseiller stratégique à la Direction du Mouvement Desjardins. Le régime avait multiplié les prises de participation, en particulier dans le segment du capital risque, affichant jusqu'à une trentaine de partenariats avant de céder une grande partie de ses participations à des fonds secondaires pour concentrer aujourd’hui son exposition sur sept à huit partenaires. Le régime privilégie des partenaires stratégiques et de confiance dont les performances les placent dans le premier quartile. Par ailleurs, Raymond Laurin attache une grande importance à la transparence, la stabilité de l'équipe de management et à l’atteinte du rendement espéré. S’il ne s’est pas interdit par le passé de négocier des termes plus favorables pour son investissement dans le cadre de side letters, le responsable des investissements de Desjardins cherche avant tout à promouvoir les standards édictés par l’association ILPA, regroupant les intérêts des Limited Partners. Source : bfinance.fr
02/11/2012
MSCI takes over IPD
MSCI Ltd has acquired IPD Group Limited, the holding company of the IPD group, a provider of benchmark indices for real estate, investment, risk management tools, and real estate market analysis, for USD125m, or GBP78m in cash. In first half 2012, IPD earned revenues of USD26.4m, or GBP16.7m. The deal will be completed by the end of this year.
02/11/2012
Dividend taxation: BVI satisfied
The German BVI association of asset management firms on 31 October declared itself satisfied that the German federal government is planning to put foreign shareholders on an even footing with regard to taxation of dividends paid to shareholders who hold a stake in the capital. The German government has largely followed the recommendations of the BVI, to refund the withholding tax on capital gains which is paid by foreign companies in Germany even in cases where the tax would not be payable outside Germany. The German government has actually transposed a verdict of the European Court of Justice, without penalising German companies. One year ago, the Court found that foreign companies were disadvantaged against their German competitors when they held less than 10% in a German publicly-traded company. Foreign companies with a stake in a German company were subject to a 15% tax on their capital gains as German dividends, which German companies were not. German companies remained exempt to company tax on dividends. That prevented multiple taxation, since the company paying the dividend had already paid company tax. This also works to the advantage of equity funds which hold stakes in capital. They remain attractive for these businesses, which also does not work to the disadvantage of corporate retirement savings.
02/11/2012
Natixis GAM opens in Hong Kong
The French asset management firm Natixis Global Asset Management opened an office in Hong Kong on 31 October, under the leadership of Michael Chang, managing director of NGAM Hong Kong Limited, who will report to John Hailer, Asia CEO, based in Boston. Chang had been based in Taipei, where he had been country head for Taiwan. He will be replaced in that position. The implantation includes a network in Beijing, Singapore, Taipei and Tokyo, with over 50 people. Asia-Pacific assets at the group total USD22.7bn (as of the end of March, +66% in two years), out of a total of USD711bn, or EUR560bn, as of 30 June. The Hong Kong office will be responsible for operations and sales, but management will continue to be undertaken by specialist affiliates of Natixis AM and GAM, including Absolute Asia, AEW (USD45.5bn), Harris Associates, Loomis Sayles, Hansberger Global Investors (USD7.4bn) and Ossiam.
02/11/2012
CNMV approves acquisition of Nordkapp by Banco Madrid
The CNMV has granted Banco Madrid (an affiliate of the Andorran BPA) permission to acquire Nordkapp from Banco Valencia, as announced in early August, Funds People reports (see Newsmanagers of 3 August). This will bring an increase in assets of EUR2bn for Banco Madrid. Nordkapp controls a brokerage firm and an asset management firm, and operate a network of branches in Valencia, Pamplona and Madrid, with about 40 employees. Banco Madrid is planning to merge its affiliate Banco Madrid Gestión de Activos with Nordkapp Gestión.
02/11/2012
Lyxor drops MSCI for two ETFs
Lyxor Asset Management has dropped MSCI for two of its funds, in favour of FTSE: the Lyxor ETF MSCI World Real Estae – D EUR and Lyxor ETF MSCI World Real Estate – D USD, which become the Lyxor ETF FTSE EPRA/NAREIT Global Developed and Lyxor ETF FTSE EPRA/NAREIT Global Developed, respectively. The reports, published in Financial News, have been confirmed by a Lyxor spokesperson. Two other ETFs in the real estate range have already changed index to FTSE, the most representative in the real estate market, the spokesperson says. This is not a move to “low cost” indices as at Vanguard, the spokesman says. The spokesman adds that this is a “non-event,” as the range of four funds has only EUR50m in assets.
02/11/2012
Two more investigations into Barclays in the United States
The British bank Barclays on 31 October announced that it is being investigated as part of two more regulatory enquiries in the United States, which may complicate restoring its reputation after a series of scandals, including the Libor scandal this summer in particular, which have tarnished its reputation. The bank has stated that it is co-operationg with the United States Department of Justice (DoJ) and the securities and exchange commission (SEC) in an investigation into a potential infraction of the corruption of foreign heads law, as part of a case which is already under investigation in the United Kingdom. The Financial Services Authority (FSA) and the British Serious Fraud Office (SFO) are investigating the financial conditions of fundraising at Barclays from Middle Eastern investors, who allowed the bank to avoid seeking government aid in 2008, at the height of the financial crisis. Barclays on Wednesday announced another investigation, this time into its energy brokerage activity in the Western United States between late 2006 and 2008. The group says that it plans to “vigorously” defend itself in this case. “We have a lot to do to restore trust,” CEO Antony Jenkins, who was appointed in late August to succeed Bob Diamond following the Libor manipulation scandal, admits. The scandal broke in late June, when Barclays revealed that it would pay GBP290m to settle an investigation by British and American regulators into manipulations of the British Libor and European Euribor inter-bank lending rates between 2005 and 2009.
02/11/2012
Edoma hedge fund to close
Pierre-Henri Flamand, former head of Goldman Sachs’ European proprietary trading desk, has had to announce the liquidation of Edoma Partners, the London-based hedge fund he launched only two years ago. According to Agefi, the process may take three to four months. The event-driven hedge fund was no longer popular with investors, who multiple sources say withdrew as much as USD1bn in assets this year. Its assets under management are now estimated at USD850m.
02/11/2012
TT International launches a global macro fund
The London-based group TT International has signed a partnership with Deutsche Bank to launch a global macro fund on its German banking alternative platform, Citywire reports. The UCITS-compliant fund, DB Platinum TT International, will be managed by the founder of the British group, Tim Tacchi. The fund includes an allocation largely invested in European equities, with an allocation to bond and currency global macro. Assets under management at TT International total over USD9bn in macro, long/short equity and long-only equity strategies.
02/11/2012
Assets under management at St James's Place up 15% in nine months
St James’s Place hs reported a 15% increase in its assets under management in nine months, to GBP32.8bn as of the end of September, according to an interim report published on 31 October. Net inflows in the first nine months of the year totalled GBP2.26bn.
02/11/2012
Few asset management firms stay among the best
Investors who select an active fund manager because he has a good track record will be more likely to pick a loser than a winner, a Vanguard study cited by Financial Times Fund Management has found. Vanguard ranked 384 actively-managed British equity funds into five quintiles according to their risk-adjusted returns over five years to the end of 2006, and then monitored their performance over the following five years. Only 15.6% remained in the top quintile over both five-year periods, ending in 2006 and in 2011. But 23.4% fell from the first to the last. And 23.4% were either liquidated or merged due to poor performance.
02/11/2012
SRI still hesitating in choice of doctrine
There is no universal definition of socially responsible investment (SRI), and at least three methodologies are competing for the favour of managers, which include exclusion, ‘best-in-class’ and engagement, with other variants in between. This was the conclusion at a round table discussion held in Paris by the Belgian firm Petercam, in the presence of Grégoire Cousté, director general of the Responsible Investment Forum (FIR), which discussed methodology, ratings, reporting and bonds. All participants agreed that for the moment, SRI remains a subject which is very primarily (about 90%) for institutionals, in France as in Belgium. And it remains difficult to prove that there is “double alpha,” extra-financial and financial, although few could now accuse SRI of performing less well than traditional management, which is a significant development of the past two years. Ophélie Mortier, SRI co-ordinator at Petercam, says that the Belgian asset management firm, which is a signatory of the United Nations Principles for Responsible Investment (UN-PRI), combines best-in-class and exclusion (tobacco, alcohol, pornography, and the criteria selected by the Norwegian Government Pension Fund – Global), to produce SRI and sustainable funds. For equities, assets at Petercam Equities Europe sustainable represent about 10% of those in the Europe equities fund, although after assets tripled earlier this year to about EUR250m, assets under management in the Petercam L Bonds Government Sustainable, a govies fund, are in the range of EUR8bn.
02/11/2012
Month of October looking very bad for quant hedge funds
Quantitative hedge funds are facing their worse performance since the beginning of the financial crisis this October, as managers made losing bets on many asset classes, including bonds, currencies, and commodities, the news agency Reuters reports. As of 25 October, CTA funds were down 5.6%, which is the heaviest loss since August 2007, according to the CTA Trend sub-index from Newedge.
02/11/2012
Ireland prepares for AIFM directive
The Irish central bank on 31 October launched a consultation on the introduction of significant improvements to its non-UCITS regime under the AIFM directive, the Irish fund investment association (IFIA) has announced. The directive will bring in substantial changes for the non-UCITS fund sector, the professional association notes. The current “Qualifying Investor Fund” (QIF) regime will be replaced with a new “Qualifying Investor Alternative Investment Fund” (QIAIF) regime, and a regime dedicated to retail investors will be created at this time. All annexed non-UCITS documents published by the central bank will be replaced with a single booklet covering all aspects of the regulations.
02/11/2012
Record fine for Nomura from Tokyo stock exchange
The Tokyo Stock Exchange on 31 October announced that it has levelled a record EUR2m fine against the financial services group Nomura, for divulging confidential information that resulted in insider trading. Nomura will be required to pay JPY20m (about EUR2m). This is the largest fine ever leveled by the Tokyo Stock Exchange against a business, the Japanese media are reporting. Nomura employees were this spring accused of being responsible for a leak of confidential information to investors in 2010. At the time, the brokerage firm Nomura was organizing capital increases for the energy firm Inpex, the Mihuho Financial Group bank and the electricity company Tokyo Electric Power (Tepco). The information leaked allowed the beneficiaries to make undue profits. After an internal investigation proved that employees of the group were responsible, the chairman and CEO of Nomura, Kenichi Watanabe, and his number two, Takumi Shibata, resigned over the scandal.
02/11/2012
Asia needs more independent asset management firms
Asset management firms in Asia are not independent enough, the Financial Times claims. They generally are owned by large groups, and their first objective is to support these groups. That explains why Asian asset management firms have not been impressive in international markets.
02/11/2012
Strong inflows for AMG
In third quarter 2012, Affiliated Managers Group (AMG) has posted net subscriptions of USD10.9bn, bringing the total in the first nine months of the year to over USD25bn. As of the end of September, assets totalled USD416bn. Net profits in July-September totalled USD54.9m, compared with USD40.1m in third quarter 2011, while in January-September, they were down to USD98.9m from USD124.6m.