«La crise en zone euro va limiter le potentiel de revalorisation du marché américain»
Yves Maillot, directeur des investissements et de la gestion actions chez Robeco Gestions
Pernod Ricard émet 2,5 milliards de dollars d’obligations
Pernod Ricard a procédé à une nouvelle émission obligataire aux Etats-Unis sous la forme d’un placement privé auprès d’investisseurs qualifiés pour un montant total de 2,5 milliards de dollars américains. Cette émission comporte trois tranches : une tranche 5 ans d’un montant de 850 millions de dollars, coupon 2,95%,, une tranche 10 ans et demi d’un montant de 800 millions de dollars, coupon 4,25% et une tranche 30 ans d’un montant de 850 millions de dollars, coupon 5,50%.
La France pourrait «donner l’exemple» sur la taxe Tobin
La France «donnera l’exemple» en prenant d’ici la fin du mois de janvier des décisions concernant une taxe sur les transactions financières, avec ou sans l’Allemagne, a annoncé vendredi le conseiller spécial de Nicolas Sarkozy, Henri Guaino. Le sujet devrait être au menu de la rencontre entre le président français et la chancelière allemande Angela Merkel prévue lundi prochain à Berlin et du Conseil européen programmé le 30 janvier à Bruxelles.
Net recul des commandes à l'industrie en Allemagne
Les commandes à l’industrie ont reculé nettement plus que prévu en novembre, en raison notamment d’une forte baisse des commandes de biens d'équipement en provenance de l’international, a annoncé vendredi le ministère de l’Economie. Il a fait état d’un recul de 4,8% de ces commandes après une hausse de 5,0% le mois précédent (chiffre révisé de +5,2%) et alors que l’estimation moyenne des économistes était de -1,7%.
Sursaut du climat des affaires en décembre dans la zone euro
Le sentiment économique dans la zone euro a poursuivi sa dégradation en décembre, reculant toutefois un peu moins qu’attendu, sur fond de pessimisme des chefs d’entreprises dans presque tous les secteurs d’activité, a annoncé vendredi la Commission européenne. Selon les chiffres publiés par l’exécutif européen, cet indice est tombé à 93,3 le mois dernier contre 93,8 en novembre (chiffre révisé de 93,7).
Le Japon a acheté jeudi pour 300 millions d'obligations du FESF
Le Japon a souscrit à hauteur de 300 millions d’euros à l'émission obligataire réalisée jeudi par le Fonds européen de stabilité financière (FESF). Cette somme représente 10% du montant global de l’emprunt, sursouscrit, lancé par le FESF pour financer son aide à l’Irlande et au Portugal.
Athanasios Orphanides suggère de renoncer à impliquer le privé dans la dette grecque
Dans une tribune publiée par le Financial Times, Athanasios Orphanides, membre du conseil des gouverneurs de la Banque centrale européenne (BCE), également gouverneur de la banque centrale chypriote, déclare que renoncer à forcer les créanciers privés à prendre leurs pertes sur leurs titres de dette grecs «aiderait à restaurer la confiance» dans la zone euro.
S&P nuance l'impact d'une éventuelle dégradation de la France
Le chef économiste pour l’Europe de l’agence de notation Standard & Poor’s nuance l’impact d’une éventuelle dégradation de la note souveraine de la France, expliquant que les marchés traitaient déjà le pays comme s’il était noté BBB et non AAA.
L'AFT adjugera 6,5 à 7,7 milliards d'euros de BTF lundi
L’Agence France Trésor annonce l’adjudication, le lundi 9 janvier, d’un montant compris entre 6,5 et 7,7 milliards d’euros de bons du Trésor (BTF). Elle émettra entre 3,8 et 4,2 milliards d’euros de BTF 13 semaines qui arriveront à échéance le 12/04/12, entre 1,4 milliard et 1,8 milliard d’euros de bons à 26 semaines à échéance du 12/07/12, et entre 1,3 milliard et 1,7 milliard d’euros de bons à 52 semaines à échéance du 10/01/13.
06/01/2012
Hedge funds attracted to Malta
The small island of Malta is attracting hedge funds. In early November, the number of hedge funds domiciled in Malta topped 500, with overall assets under management of about EUR8bn, compared with 165 funds weighing less than EUR5bn in 2006, according to statistics from the Malta Financial Services Authority (MFSA), Bloomberg Markets reports in an article to appear in its February issue. Compared with the end of 2010, the number of funds increased by nearly 30%, while assets increased by nearly 15% in early December. In addition to its sunny weather, Malta also has its membership in the European Union and increasing demand for transparency on the part of investors going for it. In 2010, nine hedge funds from the Virgin Islands, seven from the Cayman Islands, and six from Luxembourg chose to domicile themselves in Malta, according to the MFSA. However, compared with Luxembourg, the phenomenon remains highly marginal: there are over 700 hedge funds and funds of hedge funds based in the Grand Duchy, with assets under management of over EUR143bn. At least 12 British hedge funds and funds of hedge funds have moved some of their activities to Malta, including Clive Capital, whose assets under management total about USD4bn, Comac Capital (USd5.2bn), and Liongate Capital Management (USD2.8bn).
06/01/2012
Credit Suisse recruits a head from Sabadell
Beatriz Herrero, head of communications for the capital markets and private banking divisions of Banco Sabadell, has been recruited for the private banking marketing team at Credit Suisse in Madrid, Funds People reports. She will join Marian Huerta on that team, and will report to Ilona Kirienko, head of marketing for the southern European region.
06/01/2012
ABP updates its blacklist: Wal-Mart and PetroChina are “out”
Stichting Pensioenfonds ABP (ABP, EUR239bn in assets), the pension fund for public employees and teachers in the Netherlands, on 1 January updated its blacklist of companies and countries in which it is not permitted to invest due to the fund’s signature of the United Nations Global Compact. The blacklist now includes 17 companies and 10 government bonds. There are now no longer any French businesses on the list, as Zodiac Aerospace has been removed due to discontinuing its participation in the production of cluster bombs (as have General Dynamics, L-3 Communications, Magellan Aerospace and Valentec Systems).Four new names have been added to the list, two of which are emblematic. For instance, ABP will now not invest in the US retail chain Wal-Mart, which is not comfortably in line with the directives of the International Labour Organisation (ILO) on employee rights.The Dutch pension fund also refuses to invest in PetroChina, due to the implication of its parent company, CNPC, in Sudan and Burma.The other two additions to the list are the South Korean firm Poongsan Holdings Corp and the Israeli firm Ashdot Ashkelon, which are both involved in the production of “controversial” weapons.Government bonds barred from the portfolio of ABP are all due to weapon embargoes declared by the United Nations security council.
06/01/2012
Nearly 200 guaranteed funds to mature in Spain in 2012
According to figures by VDOS relayed by Funds People, 196 guaranteed funds representing assets of EUR11.58bn will mature in Spain this year, of which 18 are equity products (EUR6.78bn), and 78 are bond products (EUR4.71bn). According to our calculations, that represents nearly 9.1% of total assets in Spanish securities funds as of the end of December 2011.The biggest maturity dates will be in June (EUR1.58bn) and November (EUR1.25bn).By management firm, BBVA will have 37 funds maturing this year, with nearly EUR3.97bn in assets. The other asset management firms with the largest number of funds set to mature are Santander, Ahorro Corporación, Unigest and Bankinter.
06/01/2012
BNS chairman admits minor error
In response to the private forex trades scandal surrounding him, Philipp Hildebrand, chairman of the Swiss National Bank (BNS) has claimed that he is not aware of having committed any unlawful actions, and that he has always acted in a manner that is not only in compliance with regulations, but honest, the Frankfurter Allgemeine Zeitung reports. He thus dismesses the idea of resigning.The central banker understands the moral questions which are being raised in public opinion. He also claims that he should have cancelled the first transaction he is accused over, and that was made through his wife.The chairman of the banking board at the BNS, Hansueli Raggenbass, on Thursday claimed that the credibility of the central bank has not yet been damaged by the scandal.
06/01/2012
Cantonal bank of Zurich drops US clients
The Cantonal bank of Zurich (BCZ) is discontinuing its services to clients domiciled in the United States who have an account with the bank, Agefi Switzerland reports. The bank informed the clients by letter in late December, and yesterday confirmed reports to this effect in the newspaper Tages-Anzeiger. Pressure by the United States government on foreign banks has made the undertaking too risky, says Urs Ackermann, a spokesman for the bank. Ackermann did not wish to disclose the number of clients affected, but says that they include a number of Swiss expatriates. Currently, BCZ and ten other banks are being targeted by the United States, which is cracking down on tax evasion. The banks targeted have been summoned to disclose information to US prosecutors.
06/01/2012
Case by investors in Madoff feeder funds dismissed
Agefi reports that a US federal judge yesterday found that investors in feeder funds with ties to the investment company of Bernard Madoff were not entitled to claim the status of clients of the former fiancier. The verdict is a victory for Irving Picard, the court-appointed trustee seeking to reclaim funds for former Madoff clients, the newspaper adds.
06/01/2012
Madoff: Irving Picard files a fresh lawsuit
On Wednesday, Irving Picard, the court-appointed trustee for Bernard L. Madoff Investment Securities, filed a lawsuit seeking the dismissal of a claim by the California attorney general, Kamala D. Harris, and other parties, seeking reimbursement of their investments with Stanley Chais, one of the largest suppliers to Bernie Madoff, the Wall Street Journal reports. The trustee is seeking to recuperate USD1.1bn of assets from the estate of Chais, his family and the companies he controlled. Chais died in September 2010.
06/01/2012
AXA WF Framlington Global High Income fund released in France
AXA Investment Managers (AXA IM) is now making the UCITS III-compliant AXA World Fund Framlington Global High Income sub-fund of its Luxembourg Sicav, launched on 31 August 2011, available to French investors. The high income equity sub-fund, managed by Anu Narula, seeks opportunities in a universe of high quality equities that deliver high dividends and structural growth. The fund is global and diversified, and invests without geographical, sectoral, or market cap size constraints, a statement says. The AXA WF Framlington Global High Income fund aims to deliver dividend returns 1.5 to 2.5 times those of the MSCI AC World index, by investing in shares with high dividends with a strategy based on the use of an overlay. In addition to France, the Sicav fund is now on sale in Luxembourg and other European countries (Germany, Austria, Belgium, the Netherlands, Spain and Italy). Characteristics: ISIN code: All subscribers: USD: LU0645145474/EUR: LU0645145557/ Institutional investors: USD: LU0645146795/EUR: LU0645146878Actual management fees: 1.50%/0.60% Maximal front-end fee: 5.5%/0%
06/01/2012
Asian hedge funds underperform compared with sector as a whole
The Asian-based hedge fund sector lost 0.6% in December and 8.5% over the year as a whole, compared with a decline of only 4.1% for hedge funds worldwide, according to statistics from Eurekahedge.Long/short strategies posted the worst results, with the Eurekahedge Long Short Equities index down 10.32%. CTA strategies were the best performers, with gains of 6.43%. Macro and event-driven strategies finished the year on a par with where they started it, while all other strategies show total losses of 2% to 5%.These less than mediocre results did not have a major impact on creations of new hedge funds, with 130 structures created, compared with 127 closures. In 2010, the overall balance was much more marked, however, with 183 creations and 125 closures.Net inflows last yeart totalled USD2bn, bringing assets under management to USD140bn. According to Eurekahedge, assets may reach USD140bn by the end of 2012.
06/01/2012
Groupama Private Equity on the verge of being sold
According to various sources, Groupama is about to sell its private equity operation, although no such announcement has yet been made internally, Agefi reports.Groupama PE (Finama PE till 2009) has about EUR1.8bn in AUM in 16 funds, with three teams: Acto Capital (LBO) et ActoMezz (mezzanine debt) for investments mainly in French companies and Quartilium, for funds of funds covering Europe and North America. Agefi understands that the teams would favour separate solutions for each of them.
06/01/2012
Vanguard slashes fees for sectoral ETFs
Vanguard is cutting the fees for some of its sectoral ETF funds, Mutual Fund Wire reports, relaying information from Seeking Alpha. The fees have been reduced to 19 basis points for the Consumer Discretionary, Consumer Staples, Energy, Utilities, Telecom, Materials, Technology, Industrials and Health Care ETFs. The Financials ETF now charges 0.23%.
06/01/2012
Direxion contracts with BNY Mellon for services to two more ETFs
Custody, accounting and administration for the ETF funds Direxion Large Cap Insider Sentiment (acronym: INSD) and All Cap Insider Sentiment (KNOW) have been contracted by Direxion Funds (Rafferty Asset Management group) to BNY Mellon Asset Servicing, which now serves 52 ETF funds from Direxion. Assets at Direxion totalled USD7.5bn as of the end of September. The asset management firm is specialised in ETF and tracker funds, either with leverage or specialised in alternative assets aimed at “sophisticated” investors and independent financial advisers.
06/01/2012
Société Générale may restructure private banking activities
According to reports by Reuters cited by La Tribune, Société Générale may soon restructure its private banking unit. The news agency has also announced the departure of Daniel Truchi, CEO of the activity. The change in management comes as part of a larger reorganisation at the bank. Société Générale had no comment on the reports when contacted by La Tribune.
06/01/2012
Matt Scanlan becomes CEO of RS Investments
Matthew H. Scanlan, former chairman and CEO of Renaissance Institutional Management (USD18bn), and previously head of institutional activities at Barclays Global Investors (BGI), has been appointed as CEO of RS Investments, a San Francisco-based asset management firm with total assets as of the end of December of USD2.02bn.Scanlan will replace Terry Otton, who last year announced plans to retire. Otton will remain as advisor to Scanlan “for the foreseeable future,” in order to ensure a smooth transition.RS Investments, which was founded in 1986, is controlled by Guardian Life Insurance Company of America, with a majority stake.
06/01/2012
Mergers and acquisitions increase in asset management
In 2011, Freeman & Co counted 27 merger and acquisition operations worth over USD10bn in assets under management, compared with 19 in 2010, Financial News reports. The operations represented assets of nearly USD1.3trn, an increase of 85%. Activity is expected to remain lively in 2012, as banks sell off their asset management firms.
06/01/2012
Two thirds of absolute return funds show losses
According to Feri EuroRating Services, only 253 of the 727 funds on sale in Germany in the “absolute return” category have posted a positive result for the past six months, meaning that barely 35% of these funds managed to fulfil their promise of absolute returns, Handelsblatt reports. Moreover, of these funds, 97 have lost money over the past one or three-year period.
06/01/2012
Pension fund coverage rate falls in December
The coverage rate for US pension funds fell by 2.7 percentage points in the month of December, to 72.4%, according to statistics from BNY Mellon Asset Management. This development is largely due to a significant rise in liabilities, which leapt 20% last year, while assets rose by only 2.7%. For the year as a whole, the coverage rate for pension funds lost 12.7 points overall.
06/01/2012
Pension fund returns average 3% in 2011
Pension funds have earned average returns of 3% in 2011, according to preliminary estimates for the WM UK Defined Benefit Pension Fund Universe and the WM UK Charity Fund Universe, reported by State Street.Pension funds which reduced their exposure to risk and have a large exposure to bonds are expected to earn over 3%. The majority of funds will nonetheless earn negative returns, due to the dominance of equities in their allocations. The proportion of equities in portfolios has fallen by 6%, but still represents 44% of the total, while bonds have increased from 34% to 39%.Estimates find that British equities, the largest component of most funds, lost 3% for the year as a whole, slightly better than the FTSE All Share index.International equities, which represent slightly under 25% of the average portfolio, have earned mediocre returns for British investors. Although North America shows a gain of 1%, Japan and developed markets of the Pacific region have lost 12%. Europe and emerging markets have lost 14% and 17%, respectively.
06/01/2012
Azimut hopes to triple inflows in 2012
The Italian asset management firm Azimut is expecting to post net inflows for 2011 of EUR500m, with inflows of EUR147m in October and EUR124m in November, Bluerating reports. The firm’s director, Pietro Giuliani, is hoping to triple that amount in 2012. Assets at Azimut total EUR11.1bn.
06/01/2012
Alliance Trust appoints a new chairwoman
Alliance Trust on 5 January announced the appointment of Karin Forseke as non-executive chairwoman, replacing Lesley Knox, who will be leaving the position on 2 April this year. Forseke will join the board at the firm on 1 March, and will become its chair on 2 April 2012. Forseke currently holds several positions as non-executive chairwoman, including one position as deputy chairman and senior independent director at the British Financial Services Authority (FSA).