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28/06/2012

Allianz GI plans to cut back range and staff

James Dilworth, CEO of Allianz Global Investors (AGI) for Europe, has said that all the companies of the AGI group in Europe will have been merged by the end of 2013 or early 2014, Handelsblatt reports. That will result in trimming the range of products, a unified IT infrastructure, and reduced costs, which will also involve staff reductions.The head of AGI Europe also says that there will now no longer be active cooperation with Pimco, as the US firm is not no longer part of AGI, and has become a direct affiliate of Allianz, at the same level as, and thus in competition with AGI.The manager also states that after net inflows of EUR1.2bn in first quarter, AGI has seen outflows, but still shows net subscriptions since the beginning of the year.
28/06/2012

Fidelity Germany launches a wealth portfolio solution

With SAM (for: Strategische Anlage Modellierung), Fidelity Worldwide Investments is offering German retail fund subscribers wealth management and advising. Whether it be for short-term investments, an individual savings retirement plan or to create savings for a real estate investment, SAM is designed as a complete solution. SAM portfolios are adapted to the needs of individual clients, with automated monitoring up to the time of payment, and risks systematically and progressively reduced from five years to the end of the savings period, without the client needing to pay attention to them constantly. This service is available for investments of EUR10,000 and up.After determining via a questionnaire what the client’s expectations are, the SAM system selects the three best funds in each category among the 8,000 funds on sale in Germany from 220 asset management firms, so long as they are rated at least 4 stars by Morningstar and they have an adequate track record and asset levels. In addition, SAM analyses the performance of pre-selected funds with regard to their risks of loss and volatility. That then allows for the creation of profiled portfolios (from prudent to dynamic) able to pass through difficult market phases without excessive fluctuation.
28/06/2012

Appointment at Julius Baer

The Julius Baer bank has appointed Daniel Vegue Dominguez as director of External Asset Managers (EAM) for Latin America, Agefi Switzerland reports. He will begin in his new role on 1 October 2012. Dominguez and his team will be leaving Credit Suisse, where they served in similar roles. Dominguez will report to Roi Yves Tavor, regional director of EAM for Latin America, Spain and Israel. Latin American EAM activities will be operated from Zurich, Geneva and locally.
28/06/2012

Julius Baer unifies names of structured products

Julius Bär on 27 June announced that it is going to unify the names of its structured products, in order to increase transparency and comprehension. From the second half of 2012, all products from the banking group will adopt names drawn from the official categories of the Swiss structured product association (ASPS), a statement says.
28/06/2012

Schelcher Prince Gestion recruits a head of financial research

Schelcher Prince Gestion has recruited Carole Imbert as head of financial research. The asset management firm led by Sébastien Barbe adds to its own analysis office in the areas of fixed income, credit and convertibles. Imbert, 41, has served as a sell-side equities analyst for nine years, at Natexis, CPR, and then Exane, before becoming head of Investor Relations and Financial Communications for ten years at BIC and then Eurazeo.
28/06/2012

Nicolas Lesur leaves Financière de l'Echiquier

After more than five years at Financière de l’Echiquier as director of marketing, Nicolas Lesur has announced, by mail, that he is leaving the asset management led by Didier Le Menestrel at the end of the month.
28/06/2012

Dexia selects three finalists to buy its asset management unit

The Franco-Belgian Dexia bank, which is in the process of being dismantled, on 27 June announced that it is in the final phase of negotiations with three international invetors, to sell its asset management affiliate Dexia Asset Management. The sale of Dexia AM will conclude the process of dismantling the bank, which ceased operations in October 2011.Dexia has already undertaken the sale of Dexia Banque Belgique (now renamed as Belfius Banque et Assurances), its Luxembourg affiliate (Dexia Banque Internationale in Luxembourg), its Turkish affiliate Denizbank, and its 50% stake in the securities custody joint venture which it operates with the Royal Bank of Canada.Dexia has also announced the resignation of its chairman, Jean-Luc Dehaene, and its CEO, Pierre Mariani, as part of a reorganization of the management of the Franco-Belgian bank now in the process of being dismantled.The bank explains in a statement that Dehaene will be leaving his position on 1 July, and that the Belgian Karel de Boeck will serve in the position in the interim. Mariani will be leaving his position only after the first half 2012 books have been approved.
28/06/2012

Illinois pension fund scales back its ambitions

The Teachers’ Retirement System of the State of Illinois, USD37bn in assets) admits that its performance projections, which were 8.5% per year for the past 25 years, have become unrealistic, the Wall Street Journal reports. The performance objective will now be revised downward, which will increase the fund’s liabilities be several billion dollars.
28/06/2012

Goldman Sachs aunches a bond trading platform

With GSessions, Goldman Sachs has recently opened a trading platform for large volumes of corporate bonds, the Wall Street Journal reports. The objective is to attract hedge funds, mutual funds, pension funds and other major investors, and to fight competition from BlackRock and other asset management firms, which may be taking clients from Goldman Sachs.
28/06/2012

Peter Madoff to plead guilty

The Wall Street Journal reports that Peter Madoff, the younger brother of Bernard Madoff, is planning to plead guilty in his criminal hearing. This will be the first time that a member of the Madoff family has pleaded guilty in the three and a half years since the fraud was discovered.
28/06/2012

Henderson preparing a logistics fund for institutional investors

With Palmira Capital Partners, a specialist in logistical real estate, Henderson Global Investors (HGI) is preparing to launch an institutional fund this summer, which will invest in logistical properties in Germany, the Henderson German Logistics Fund, Fondsprofessionell reports. The volume objective for the product, which will be offered to insurers, pension funds and complementary retirement entities in Germany and Austria, will be EUR200m-EUR250m, 60% of which will be owners’ equity.Assets will be retained for seven to eight years, and HGI will distribute 8% per year and performance is slated to be 8.5% p.a.. The first closing, with EUR50-70m in subscriptions, will come in late July, says Timothy Horrocks, CEO of HGI for Germany.
28/06/2012

Barclays pays huge fines

The British Barclays bank on 27 June announced that it will be paying a fine of GBP290m to settle legal investigations in the United Kingdom and the United States, and its head has confessed and agreed not to accept a bonus this year. The bank says in a statement that it has settled amicably with several financial regulatory authorities, as part of an investigation of the entire banking sector in the matter of the setting of interbank interest rates on a series of derivatives. In another statement, the Financial Services Authority (FSA) says that it has fined the bank GBP59.5m for represensible conduct in relation to interbank reference rates on the London market, the Libor and for the European interbank rate (Euribor). It says that it is the largest fine ever imposed by the FSA. In addition to the FSA, Barclays reports that it has also reached settlements in the United States with the Commodity Futures Trading Commission (CFTC) and the Justice Department. The latter has also granted Barclays immunity in investigations into violations at competing banks. Following this case, and to reflect his collective responsibility as director, the CEO of Barclays, Bob Diamond, has announced that he has decided to forego his bonus this year. Three other members of management have taken the same decision: the CFO, Chris Lucas, the COO, Jerry del Missier, and the executive director in charge of investment banking, Rich Ricci.
28/06/2012

FSA launches a consultation on platforms

The British Financial Services Authority (FSA) on 27 June launched a consultation on regulation on the activities of platforms, which includes a proposed prohibition on kickbacks from product providers, as well as increased transparency about fees charged. According to the FSA, a ban on kickbacks paid by fund managers to platforms would represent a shortfall for the operators of these platforms of about GBP10m to compensate for. The costs related to the rules proposed by the FSA are in a range from GBP11.6m to GBP37.8m, according to estimates by Deloitte. The FSA hopes to release final rules on platforms by the end of the year, to come into effect on 31 December 2013.
28/06/2012

Director of marketing at Neptune leaves the company

Georgia Pardoe, director of marketing at Neptune Investment Management, has left the management firm, effective immediately. She will not be replaced, Money Marketing says. Alasdair Johnson, head of marketing, will assume her former responsibilities.
28/06/2012
Gestion d'actifs

Groupe Pasteur Mutualité reste séduit par l'apport des gestions quantitatives

Jean-Pierre Cave, trésorier général du Groupe Pasteur Mutualité lors d’une table ronde organisée mi juin par amLeague et Newsmanagers : Dans notre groupe, nous pratiquons la gestion quantitative depuis 2007. Juste avant la crise. Donc on a pu apprécier le bienfait de cette gestion pendant la crise, ce qui fait que cela a été plus facilement accepté par le conseil d’administration. Par contre, j’ai essayé de leur présenter en commission des finances la technique de la gestion, et là, cela a été un peu difficile à digérer. Mais nous la pratiquons beaucoup. Ils n’ont pas tellement compris comment cela se passait. En revanche, ils ont vu les performances et ont accepté le principe... Tout est confié à des compétences extérieures. Nous avons plusieurs formes de gestion quantitative. Pour vous donner une idée, cela doit représenter à peu près 50% du portefeuille actions qui représente un encours d’environ 200 millions d’euros sur un total de 1,3 milliard d’euros. Toujours par rapport à cette approche de faible volatilité. C'était au départ le fondement de notre investissement. Nous avons l’obligation de perdre le moins sur les marchés. Nous avons un univers de 12 mois, mais en tant qu’assureur, un univers qui est aussi beaucoup plus long. C’est vrai que nous avons des échéances annuelles où je suis attendu au virage.
Gestion d'actifs
27/06/2012

Chypre a sollicité l'aide du FMI

Des responsables gouvernementaux chypriotes ont sollicité l’aide du FMI pour résoudre la crise bancaire du pays, a annoncé mercredi sa directrice générale Christine Lagarde. «Nous avons l’intention d’envoyer une équipe du FMI à Chypre dès que possible pour faire une évaluation de la situation sur le terrain et préparer les discussions sur un programme économique qui aidera Chypre à faire face aux défis économiques auxquels elle est confrontée», a-t-elle précisé dans un communiqué.
27/06/2012

Les promesses de ventes surprennent outre-Atlantique

L’indice des promesses de ventes de logements a augmenté de 5,9% en mai par rapport à avril, à un niveau de 101,1. Il s’agit de la plus forte hausse depuis octobre 2011, selon les chiffres de l’Association nationale des agents immobiliers. Le marché l’attendait en hausse de 1,0% après une baisse de 5,5% en avril. Sur un an, les promesses de vente sont en hausse de 13,3% en mai.
27/06/2012

Robert Zoellick va rejoindre deux think tanks

Le président sortant de la Banque Mondiale se prépare à rejoindre le Belfer Center for Science and International Affairs au sein de l’université de Harvard et le Peterson Institute for International Economics, un think tank basé à Washington. Son successeur, l’ancien président de l’université de Dartmouth, Jim Yong Kim, prendra la direction de la Banque Mondiale à compter du 1er juillet.
27/06/2012

Rebond des commandes de biens durables aux Etats-Unis

Les commandes de biens durables ont augmenté plus que prévu en mai, selon les chiffres du département du Commerce. La statistique est ressortie en hausse de 1,1% pour le mois dernier, contre 0,4% attendu, après une baisse de 0,2% en avril. Sur une base de trois mois annualisée, les nouvelles commandes sont toutefois en recul de 14,5%, «signe que le secteur manufacturier américain a été rattrapé par la tourmente mondiale», souligne BNP Paribas.
27/06/2012

Le collectif budgétaire sera examiné le 16 juillet

Le projet de loi de finances rectificative pour 2012 qui sera présenté mercredi prochain en conseil des ministres sera examiné par les députés à partir du 16 juillet en séance publique, a rapporté Reuters de source parlementaire. Ce collectif budgétaire mettra en œuvre une partie des promesses électorales de François Hollande et doit permettre de réduire comme prévu le déficit public à 4,5% du PIB fin 2012.
27/06/2012

Les Länder suggèrent un recul de l'inflation allemande en juin

Le taux d’inflation annuel en Allemagne semble ralentir en juin et être en mesure de rester pour le deuxième mois consécutif sous l’objectif de 2% fixé par la Banque centrale européenne, au vu des données publiées mercredi par les six principaux Länder. Ainsi la hausse des prix à la consommation sur un an a ralenti à son plus bas niveau depuis 20 mois en Rhénanie du Nord-Westphalie, le Land le plus peuplé.
27/06/2012

Rendements en hausse pour la nouvelle émission obligataire de l'Italie

L’Italie a adjugé mercredi 9 milliards d’euros de bons à six mois à un rendement moyen de 2,957%, au plus haut depuis décembre, un résultat qui fait monter la pression pesant sur le gouvernement italien et les dirigeants de la zone euro à la veille d’un sommet européen censé apporter des solutions à la crise de la dette de la région. Lors de la précédente adjudication de ce type en mai, le rendement moyen s'était élevé à 2,1%.
27/06/2012

La Chine souhaite renforcer ses liens avec Hong Kong

Les autorités chinoises prépareraient de nouvelles mesures destinées à renforcer les flux échangés en yuan entre le pays et Hong Kong, selon le journal qui cite des sources proches. Le président Hu Jintao pourrait ainsi profiter de sa visite de trois jours à Hong Kong qui débute vendredi pour annoncer notamment un assouplissement de la limite quotidienne de conversion de 20.000 yuans pour les résidents hongkongais. Pékin envisage également un assouplissement des règles du programme RQFII pour les sociétés étrangères souhaitant utiliser des yuans levés à Hong Kong pour investir sur les marchés financiers en Chine continentale.

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