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17/01/2012

Decline in the number of monetary financial institutions in the euro zone

On 1 January 2012 the total number of monetary financial institutions in the euro zone (MFIs, which include financial institutions based in the euro zone and money market funds) stood at 7,533, according to statistics from the European Central Bank (ECB). This is a net decrease of 332 units (4%) in comparison with the situation a year ago. In relative terms, the decrease was particularly pronounced in Ireland (-15%), Luxembourg (-8%), Cyprus (-6%), France (-5%) and Greece (-5%). In absolute terms, Ireland (-106), France (-59), Luxembourg (-48) and Germany (-43) were the main contributors to the net decrease of 332 units in the euro area. 2011 saw a substantial decrease in the number of money market funds, as an MFI sub-sector, owing in part to their new definition, under Guideline ECB/2011/13, which is more closely in line with that used for supervisory purposes. The contraction in this sub-sector was most prominent in Ireland (-97), Luxembourg (-46) and France (-29).
17/01/2012

Bond inflows at their highest level in 18 months

Investors who had a highly wait-and-see attitude at the beginning of the month appear to be slightly more optimistic about the ability of the European Union to make it through the year without plunging the global financial system into another major crisis. The result is that bond funds have earned net inflows in the week to 11 January of USD6.39bn, a level not seen in 18 months, according to statistics from EPFR Global.Global bond funds attracted a net total of over USD2bn, while high yield bond funds attracted over USD1bn, and for the first time since the beginning of September, investors returned to European bond funds. Only emerging market bond funds have seen redemptions.Equity funds have seen inflows of over USD6bn, while emerging market equity funds alone represented USD1.84bn. For the first time since the beginning of November 2011, actively-managed funds posted net subscriptions.Inflows to money market funds ttoalled USD15.8bn, while European money market funds represented 60% of this total.
17/01/2012

Syz & Co releases three funds in France

Syz & Co is adding to its range of funds aimed at French investors. The Swiss asset management firm has announced that it has obtained licenses to sell the three new sub-funds of the Oyster Sicav in France. Oyster Global High Yield invests in high yield bonds worldwide. The portfolio is managed by Seix Investment Advisors, a specialist asset management firm based in the United States. Oyster European Selection is aimed more particularly at institutional investors. The fund invests in European equities with strong potential for growth in the next five years. The manager, Eric Bendahan, prefers businesses with ties to flourishing economies in emerging markets, high-quality growth shares and undervalued businesses.Finally, Oyster Absolute Return aims to deliver absolute returns via a diversified portfolio composed of equities, bonds, hedge funds and other publisly-traded securities. The portfolio may also be invested in savings accounts and money market instruments. The Oyster range, available to French investors, now includes 25 sub-funds. ISIN codes OYSTER Global High Yield – EUR share class: LU0688633683OYSTER Global High Yield – EUR I share class: LU0688634061OYSTER Global High Yield – USD share class: LU0688633410OYSTER European Selection – EUR I share class: LU0688633170OYSTER Absolute Return EUR – EUR2 share class: LU0536156861
17/01/2012

Credit Suisse pension fund index up

Investments by Swiss pension funds developed positively in fourth quarter 2011, according to an index calculated by Credit Suisse, Agefi Switzerland reports. The index gained 3.12 points in this period, equivalent to 2.57%, and as of 31 December 2011, stood at 124.63 points. The month of October contributed 1.62%, while December contributed 1.15%. However, November brought a decline of 0.21%. The areas of foreign equities (1.41%), Swiss equities (0.75%), bonds denominated in foreign currencies (0.23%) and in Swiss francs (0.14%), and real estate (0.13%), posted positive returns in the period under review.
17/01/2012

French regulator requires OTC derivative transactions to be declared

The French financial market regulator, the Autorité des marchés financiers (AMF), on 16 January announced a decision to join a project by the Committee of European Securities Regulators (CESR) to collect information on OTC derivatives, without waiting for the MiFID II directive to come into force, and to apply the European Market Infrastructure Regulation (EMIR). The AMF points out that regulation of derivative markets is one of the top priorities set by the G20.Modifications to the general AMF regulations resulting form this decision were announced in the 20 December 2011 issue of the Official Journal, published on 24 December 2011. Articles 315-46 and 315-47 of the general regulations of the AMF have been modified, as has the CESR recommendation published in October 2004. The rules came into force on a January 2012.The changes extend the requirement to declare transactions made by investment service providers and branches of PSIs registered in the European Economic Area located in France to declare OTC derivative transactions. However, the new extension of the rules does not apply to portfolio management firms. They also affect derivative products traded on over-the-counter equity and underlying mono credit markets, when the underlying is a financial instrument traded on a government-regulated market under the supervision of the European Economic Area, or an organised multilateral trading system.The declaration requirement had previously been limited to financial instruments traded on a regulated market or on an organised multilateral trading system.
17/01/2012

Moody's extends watch on French AAA rating

The ratings agency Moody’s on 16 January announced in a comment on its website that it is maintaining its AAA rating for French sovereign debt, but that it is extending its watch on the rating, currently with a “stable” outlook. Its conclusions will be announced in first quarter.The decision of Moody’s, which announced in October that it would be taking three months to evaluate the outlook on the French rating, is in line with that of Standard & Poor’s, which on 13 January downgraded France from AAA to AA+.Moody’s in its comment welcomes efforts on the part of the French government to control public finances, but estimates that the French AAA rating could be under pressure if the ratio of public debt to GDP continues to degrade, or if the economic and financial were deteriorate further.
17/01/2012

Northern Star launches two multi-asset class UCITS funds

The Helsinki-based asset management firm Northern Star has announced the launch of two multi-asset class funds that comply with UCITS regulations. The Global Dynamic Opportunities 10+ fund invests in several asset classes, including bonds, equities and commodities. The other fund, Enhanced Fixed Income 5+ fund, uses a dynamic and flexible approach primarily in the bond universe.“These new vehicles have been designed to respond to increasing demand for allocation with low volatility that is liable to ensure attractive returns and to preserve capital over a complete economic cycle,” says Northern Star’s CEO, Tomi Långström.
17/01/2012

Barings preparing a global mining fund

Pending agreement from the regulator, Baring Asset Management (Barings) is planning to launch the Baring Global Mining Fund, a UCITS-compliant OEIC fund domiciled in Ireland, a sub-fund of Baring Investment Funds, in March.The prodcuct will be managed by Clive Burstow, and will invest primarily in equities and securities from businesses in the mining sector, with an “all-cap” approach. The fund may also invest in commodities and in debt issued by mining companies or their associated firms.The portfolio will include 70 to 100 positions, about two thirds of which will be small and midcaps.The benchmark index, for comparative purposes only, will be the HSBC Global Mining Index.Management commissions of 1.5% will be charged for A-class shares, and 0.75% for I-class shares.
17/01/2012

City to become an offshore centre for Chinese yuan

The United Kingdom on 16 January signed an agreement with Hong Kong, which will one day make the City of London an extra-territorial financial centre for trading in yuan, the Chinese currency. London thus cements its place as a leading centre in currency markets, which will mean added revenues and jobs. The British chancellor, George Osborne, on a visit to Asia, and Norman Chan, head of the Monetary Authority of Hong Kong, have created a forum to consider synergies between the two markets in the areas of settlement and clearance and liquidity, and to conceive of new products denominated in renminbi, the official name of the Chinese currency.
17/01/2012

Strong growth for activities at Finesti in 2011

Finesti, the Luxembourg agency for European funds information, reported strong growth in new clients and in its overall fund coverage in 2011. At the end of 2011, the Finesti database contained information on 39,771 share classes of investment funds, an increase of 9% compared to 2010. This growth was from both Luxembourg and non-Luxembourg domiciled funds. There was also a corresponding increase in the number of documents in the database. The number of prospectuses, simplified prospectuses, annual reports and semi-annual reports grew by 22% to 98,279 from 80,743 in 2010. This does not include new Key Investor Information Documents, or KIIDs, which were introduced at the beginning of July 2011. Services related to the collection and dissemination of KIIDs were launched throughout 2011. A part of the UCITS IV requirements, Key Investor Information Documents are being phased in during a transition period until 1 July 2012. Finesti KIID services allow all European-domiciled funds to comply with the obligations for distribution and publication of their KIIDs. These services proved popular with promoters and asset managers and by the end of 2011, there were 19,622 KIIDs in the Finesti database, bringing the total number of documents to 117,901. In conjunction with its notifications and KIID services, it also launched a range of other services focussing primarily on European fund distribution. As at 31 December 2011, Finesti was linked with sixty distribution platforms.
17/01/2012

Dow Jones signs an agreement with Tebyan

Dow Jones Indexes has announced that Tebyan Asset Management has licensed the Dow Jones Islamic Market (DJIM) CHIME Index to benchmark its new fund, the Tebyan CHIME Opportunities Fund, launched on Monday.The DJIM CHIME Index is designed to measure the performance of 100 leading stocks from China, India and the Middle East/North Africa (MENA) region that pass rules-based screens for Shari’ah compliance. Tebyan Asset Management Limited is a partnership between Gulf Mena and Qatar First Investment Bank, providing wealth and asset management services to the Islamic investment community.
17/01/2012

La Catalogne veut l’indépendance fiscale

La province la plus riche d’Espagne préparerait un nouveau «pacte fiscal» qu’elle compte présenter au gouvernement de Mariano Rajoy qui la rendrait largement responsable de ses propres impôts et réduirait les transferts annuels à l’Etat central, si l’on en croit les propos du gouverneur de la région, Artur Mas, cité par le journal. «Notre projet à court terme est la souveraineté fiscale» indique-t-il ainsi.
17/01/2012

Axa PE table sur l’accroissement du rôle du financement unitranche

Le spécialiste du private equity prévoit l’accroissement du volume de financement unitranche en 2012 pour les entreprises souhaitant poursuivre leur croissance dans un contexte économique instable. Combinant la dette senior et la dette subordonnée dans un seul et même instrument, ce type de financement innovant est une alternative au financement traditionnel.
16/01/2012

Moody's maintient le Aaa français en observation

L’agence Moody’s a répété qu’elle examinait la perspective stable de la note Aaa de la France et qu’elle actualiserait les notes des pays de l’Union européenne au premier trimestre. Mais l’agence souligne les atouts que conserve la France, en particulier une «soutenabilité» de la dette qui reste «très confortable». Les rendements des dettes italienne et espagnole sont stables lundi en fin de matinée, des professionnels expliquant que les achats d’obligations réalisés par la BCE atténuent les tensions liées aux dégradations de notes de S&P. Les valeurs bancaires européennes, comme l’ensemble des marchés en Europe, étaient quant à elles modérément affectées en Bourse. L’indice sectoriel des banques en Europe recule d’environ 0,6% en milieu de journée. Les banques allemandes résistent. Deutsche Bank ne perd que 0,38% et Commerzbank 0,07%. A Paris, la Société Générale perd 1,65%, le Crédit agricole 1,33%, BNP Paribas perd 1,7%.
Photo: Hamilton/REA
16/01/2012

Taxe Tobin : la Place de Paris plaide sa cause à Bercy

La Place de Paris mobilise contre la taxe Tobin : ce lundi après-midi, elle a rendez-vous avec le ministre de l’Economie et des Finances François Baroin pour demander au gouvernement de renoncer à son intention affichée de créer dans les prochaines semaines, sans attendre nos partenaires européens, une taxe sur les transactions financières. Seront notamment présents à Bercy Gérard Mestrallet, président de l’association Paris Europlace et Pdg de GDF-Suez, Maurice Levy, président de l’Association française des entreprises privées (AFEP) et de Publicis, et Frédéric Oudéa, président de la Fédération bancaire française.
Le ministère des Finances vu de la BnF. Photo: PHB/Agefi
16/01/2012

Hausse des CDS des pays dégradés par S&P

Le coût d’une protection contre un risque de défaut de l’Italie, de l’Espagne, de la France et de plusieurs autres pays s’orientait à la hausse après la dégradation de leurs notes souveraines par l’agence Standard & Poor’s. Les «credit default swaps» (CDS) à cinq ans sur la dette publique italienne étaient en hausse de 27 points de base à 531 points selon la société spécialisée Markit. Les CDS français augmentaient de cinq points de base à 222 points, alors que les allemands limitaient leur hausse à deux points, à 105 points.
16/01/2012

Le sommet Allemagne-France-Italie du 20 janvier reporté

Une rencontre entre le Premier ministre italien, Mario Monti, le président français, Nicolas Sarkozy, et le chancelière allemande, Angela Merkel, prévue le 20 janvier à Rome, a été reportée et aura probablement lieu à la fin du mois de février, a-t-on appris lundi auprès de l’ambassade d’Allemagne à Rome. Une source gouvernementale italienne citée par Reuters a dit que ce sommet avait été annulé pour des raisons de politique intérieure française.
16/01/2012

Taxe Tobin : la Place de Paris plaide sa cause à Bercy

La Place de Paris mobilise contre la taxe Tobin : ce lundi après-midi, elle a rendez-vous avec le ministre de l’Economie et des Finances François Baroin pour demander au gouvernement de renoncer à son intention affichée de créer dans les prochaines semaines, sans attendre nos partenaires européens, une taxe sur les transactions financières. Seront notamment présents à Bercy Gérard Mestrallet, président de l’association Paris Europlace et Pdg de GDF-Suez, Maurice Levy, président de l’Association française des entreprises privées (AFEP) et de Publicis, et Frédéric Oudéa, président de la Fédération bancaire française.
Le ministère des finances vu de la BnF. Photo: PHB/Agefi
16/01/2012
Fonds

Les investisseurs européens attentistes en novembre

Les inquiétudes liées à la crise de la dette souveraine dans la zone euro ont incité les investisseurs européens à privilégier en novembre les investissements liquides et peu risqués. Les fonds coordonnés à long terme (hors fonds monétaires) ont ainsi subi une décollecte de près de 29 milliards en novembre contre 19,3 milliards en octobre, selon les statistiques communiquées par l’Association européenne de la gestion financière (Efama).La décollecte des fonds actions a plus que doublé d’un mois sur l’autre à 16,3 milliards d’euros en novembre contre 7,5 milliards en octobre, les rachats nets sur les fonds obligataires s’inscrivant pour leur part à 10,7 milliards d’euros contre 5,2 milliads d’euros en octobre. Les fonds diversifiés ont presque retrouvé l'équilibre avec une décollecte de seulement 0,3 milliard après 5 milliards d’euros en octobre. Les fonds monétaires, qui avaient subi des rachats nets en octobre pour un montant de 10,4 milliards d’euros, ont enregistré en novembre une collecte nette de 19,7 milliards d’euros. Du côté des fonds non-Ucits, la collecte s’est accrue en novembre à 11 milliards d’euros contre 7 milliards en octobre, grâce à l’augmentation des souscriptions enregistrées par les fonds dédiés à 11 milliards d’euros contre 8 milliards d’euros précédemment. Le total des fonds Ucits s’est contracté de 1,2% en novembre à 5.425 milliards d’euros, les fonds non-Ucits enregistrant un gain modeste de 0,4% à 2.144 milliards d’euros.
Fonds
16/01/2012

Plus de 800 millions de dollars de collecte sur neuf mois pour Polar Capital

La société de gestion Polar Capital a fait état pour les trois mois à fin décembre d’une collecte nette de 193 millions de dollars, a indiqué la société le 13 janvier.Sur les neuf premiers mois de l’exercice, la collecte nette s'élève ainsi à 826 millions de dollars, avec des souscriptions nettes de 889 millions de dollars pours les fonds long only mais des rachats nets de 63 millions de dollars du côté des hedge funds. Les actifs ous gestion, qui s'élevaient à 4,28 milliards de dollars fin novembre, s’inscrivaient à 4,24 milliards de dollars fin décembre.

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