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27/12/2011

Le Japon propose un accord commercial à la Birmanie

Tokyo a promis hier d’engager des négociations sur un accord bilatéral d’investissement avec la Birmanie, qui cherche à desserrer son isolement international en échange de réformes démocratiques. La Birmanie est le seul pays de l’Association des nations de l’Asie du Sud-Est (Asean) avec lequel Tokyo n’a pas conclu d’accord d’investissement.
27/12/2011

Berlin dément la révision de sa prévision de croissance 2012

Le ministère allemand de l’Economie a démenti hier un article du magazine Focus selon lequel le gouvernement va revoir à la baisse sa prévision de croissance 2012 en raison de la crise de la dette dans la zone euro. Le ministre de l’Economie, Philipp Rösler, doit présenter les nouvelles prévisions gouvernementales en janvier.
26/12/2011
Gestion d'actifs

Le fonds de pension de Ford Motor Company en Belgique réduit de 5 points son exposition aux actions

Le Fonds de pensions de Ford Motor Company en Belgique a décidé, avec l’aide de son consultant Conac, de réduire son exposition aux actifs risqués, notamment les actions. Il résulte d’une étude ALM et de la revue des stratégies d’investissement, une révision de l’allocation stratégique d’actifs, passant de 20% d’actions à 15% aujourd’hui. La part des obligations est désormais de 80% et l’immobilier 5%.
Gestion d'actifs
26/12/2011

2012, une année test pour les covered bonds

La crise de la zone euro a conduit à une forte différenciation entre les obligations sécurisées émises dans les pays les plus solides et dans les Etats périphériques. En 2012, cette tendance devrait se poursuivre, tout comme les dégradations par les agences de notation. Malgré cela, l’activité sur le marché primaire pourrait se rapprocher de celle de 2011.
26/12/2011

S&P devrait statuer en janvier sur la zone euro

L’agence devrait publier en janvier son rapport très attendu sur les notations de quinze pays de la zone euro, placés sous surveillance négative début décembre, ont déclaré vendredi à Reuters deux sources gouvernementales européennes. «Nous avons eu un signal informel de la part de Standard & Poor’s selon lequel cela n’interviendra qu’en janvier», a dit l’une des sources.
26/12/2011

Pékin veut se désintoxiquer des agences de notation

La Chine devrait réduire sa dépendance aux agences de notation étrangères en encourageant les principales institutions financières à renforcer leur recherche et à formuler leurs propres avis, a déclaré hier le gouverneur de la banque centrale chinoise, Zhou Xiaochuan, lors d’un forum financier. Il a aussi indiqué que le pays pourrait se doter d’agences de notation soutenues par le gouvernement.
26/12/2011

Moody’s maintient le triple A autrichien

L’agence a confirmé la note Aaa de l’Autriche avec une perspective stable. Mais «celle-ci devient de plus en plus dépendante d’une résolution de la crise dans la zone euro qui a commencé à affecter négativement certains pays du cœur de la zone comme l’Autriche», écrit Moody’s.
26/12/2011

L’immobilier américain finit mieux l’année

Les ventes de maisons neuves aux Etats-Unis ont atteint en novembre un pic de sept mois et le stock d’invendus n’a jamais été aussi bas depuis cinq ans et demi. Le département du Commerce a fait état vendredi d’une hausse de ces ventes de 1,6% à un volume annuel CVS de 315.000 unités contre 310.000 en octobre.
26/12/2011

Le Congrès américain prolonge le soutien aux ménages

Une extension de deux mois d’une baisse des cotisations sociales, le «payroll tax cut», a été votée vendredi par le Congrès américain. Cette mesure de soutien décidée dans le cadre du plan de relance de Barack Obama, et qui bénéficie à 160 millions de travailleurs américains, arrivait à échéance le 31 décembre.
26/12/2011

La croissance française abaissée au troisième trimestre

L’Insee a revu vendredi à 0,3% contre 0,4% la hausse du PIB français au troisième trimestre, après une baisse de 0,1% au deuxième. L’acquis de croissance pour 2011 à fin septembre a été confirmé vendredi à 1,7%, un niveau qui reste proche de la prévision de croissance du gouvernement pour l’ensemble de l’année (+1,75%). La révision en baisse de la croissance tient notamment à une chute plus marquée de l’investissement des entreprises.
26/12/2011

L'Onu vote un budget réduit pour les années 2012 et 2013

L’assemblée générale des Nations unies a approuvé samedi une diminution de 5% du budget de l’Onu pour les années 2012-2013 par rapport à la période 2010-2011. C’est seulement la deuxième fois en cinquante ans que l’institution réduit ses dépenses d’un exercice bisannuel sur l’autre. Le secrétaire général de l’Onu, Ban Ki-moon, a salué cette décision, qui fait écho aux mesures d’austérité prises par de nombreux gouvernements du monde entier face à la crise économique.
26/12/2011

Le rendement du Gilt à 10 ans sous les 2%

Pour la première fois, le rendement de l’emprunt d’Etat britannique de référence est passé sous le seuil des 2% à la suite de la publication de données économiques moins bonnes que prévu. Les services, qui représentent les trois quarts de l’économie britannique, ont chuté de 0,7% en octobre par rapport au mois précédent. Les banques ont également octroyé moins de crédits hypothécaires que prévu.
23/12/2011

Asian hedge funds disappoint

Asian hedge funds have not kept their promises of absolute returns so far this year. Only Asian macro funds have earned positive returns, with gains of over 6%. Overall, these funds have lost 6.2% for the year to November, according to Deutsche Bank, compared with losses of 17.2% for the FTSE Asia Pacific.
23/12/2011

Tocqueville Finance could lose its star manager

LeFigaro.fr reports, citing claims by a client of the asset management firm Tocqueville Finance, that Marc Tournier, director of collective management, is about to leave the firm. When approached by Newsmanagers, Tocqueville Finance stated that it had “no comment on the rumours.” The rumours have emerged at a time when the sanctions commission of the French financial regulator, the Autorité des marchés financiers (AMF), in early December issued fines to Tocqueville Finance and Tournier, and levelled a pecuniary sanction of EUR150,000 and EUR250,000, respectively, against them, over manipulations of the share price of the auto rental business Ada (see Newsmanagers of 5 December 2011). The verdict is subject to appeal under the conditions of article R. 621-44 of the monetary and financial code. Tournier is the emblematic manager of the Ulysse fund, and co-manager of the Odyssée fund, with Didier Roman. Following the entry of La Banque Postale into the capital of the firm at the end of last year, the manager now owns 15% of the business.
23/12/2011

Goldman Sachs AM signs up to UN PRI

Goldman Sachs Asset Management has signed up to the UN Principles for Responsible Investment, according to the website Responsible Investor. The asset manager also offers an ESG integration process.
23/12/2011

BBVA closes the first Spanish hedge fund

BBVA Asset Management will be closing the BBVA Codespa Microfinanzas fund, the first hedge fund launched in Spain, Investment Europe reports. The fund, launched in 2006, is invested in private microfinace operations. It has only EUR24m in assets, following significant withdrawals by subscribers.
23/12/2011

Renaissance AM takes over an emerging Europe fund

Renaissance Asset Managers, an asset manager focused on Russia, the CIS, Emerging Europe and Africa, has announced the acquisition of the Griffin Eastern European Equity Fund, for an undisclosed sum, from Griffin Capital Management, an independent investment boutique. Following the transaction, total assets under management at RAM will rise from USD2.4bn to USD2.7bn. The acquisition is an important milestone for RAM as the USD252m Dublin-domiciled Irish UCITS fund, registered for distribution in Germany, Austria, Switzerland and Sweden, marks RAM’s entry into the German-speaking market. The fund, set up in 1999, will be managed by RAM’s chief investment officer Plamen Monovski and Karol Chrystowski, co-fund manager of the Renaissance Emerging Europe Fund.Commenting on the transaction, Adrian Harris, head of distribution and investor relations, said: “With this transaction we build on the USD200m Luxembourg fund range that we founded in 2010 to provide our institutional clients with the scale and opportunity, as well as the excellent investment performance, they have come to expect. We will continue to build the UCITS business through organic growth and future acquisitions. RAM is not afraid to invest in its business, despite these difficult markets and at a time when others are cutting back.”
23/12/2011

10 ESG trends to watch, according to MSCI

MSCI’s ESG Research team has identified ten emerging trends for 2012, which are likely to affect government and corporate policy, profits, and market sentiments. «As governments in major economies begin the process of unwinding the debt cycle of the last twenty years, budget cuts to social safety nets and regulatory agencies mean that consumers will bear a heavier burden of any negative social and environmental impacts arising from corporate mismanagement. Countries and companies alike face new risks surrounding their social license to operate as communities worry about their health, security, and, increasingly, basic social equity. Concerns about the social costs of operations have a compound effect on companies – even as governments make cuts in regulatory agencies and social benefits, the political will to enforce existing regulations will strengthen in reaction to public outcry», explains MSCI.These trends are:Accounting for Social ValueCivil Liberties Post Arab Spring Accounting for Natural Capital Shifting Debate on Climate Change Bridging the Gap in Food Safety Infrastructure Closing Corporate Tax Havens and Loopholes Regulating Shale Gas Labor Strife in China Conflicting Water Demands Broadening Threats to Privacy & Data Security
23/12/2011

SWIP confirms its director of distribution

SWIP (Scottish Widows Investment Partnership) has appointed Francis Ghiloni as director of distribution & client management. He was appointed interim director of distribution & client management in June 2011, following the departure of John Brett. Before joining SWIP in March 2011, Francis Ghiloni held a number of senior marketing and business development positions, including head of intermediary distribution for Prudential UK.As director of distribution & client management, Francis Ghiloni has responsibility for all aspects of SWIP’s sales, marketing, product development and media relations activities. He is based in Edinburgh, and reports to Dean Buckley, SWIP’s managing director. SWIP has GBP137bn funds under management as of 30 September 2011.
23/12/2011

Vanguard and Old Mutual reported to be interested in an acquisition in India

Several major asset management firms are eyeing a strategic stake in Axis Mutual Fund, the asset management firm of the third-largest Indian private sector bank, Axis Bank, the Economic Times reports. Among these are Vanguard and Old Mutual. Axis Bank may sell 26% to 49% of the asset management firm. Axis Mutual Fund is one of the few players in the Indian asset management industry that has not yet signed a partnership with a foreign player.
23/12/2011

Standard Life launches a global smaller companies fund

Standard Life Investments will launch a Global Smaller Companies fund on Thursday 19th January, which is to be jointly managed by its head of smaller companies, Harry Nimmo, and Alan Rowsell, investment director, smaller companies. The latter recently joined the team, having spent five years working as a US equity portfolio manager for Standard Life Investments in its Boston office.The fund seeks to capture the potentially substantial rewards offered by investing in smaller businesses, with the added diversification benefits of access to a global opportunity set including both emerging and developed market coverage. It seeks to generate higher longer-term returns than both smaller and larger company indices, through a concentrated portfolio of 40 – 80 stocks. Launching this fund is an extension to Standard Life Investments’ UK and European Smaller Companies Funds.
23/12/2011

Many ETFs set to disappear

Ron Rowland, chairman of Capital Cities Asset Management, has put 242 funds on a list of moribund ETF funds entitled “ETF Deadwatch,” a record number of such funds, the Wall Street Journal reports. All the funds on the list have been subsisting for at least three months with less than USD5m in assets, or less than USD100,000 in daily trading volume. The list now represents 17% of the ETF and ETN sector. Some firms have already begun to close down some of the funds, such as Global X Funds, which this week announced plans to liquidate eight ETF funds in February, the Wall Streeet Journal adds. These include an ETF focused on the waste management sector and one focused on Mexican small caps.
23/12/2011

Tunisian managers come out on top in 2011

The best emerging market investors this year were managers based in Tunisia, the Financial Times reports. MAC Al Houda, managed by Mac, a Tunisian financial services group, and FCP Viveo Nouvelles Introduites, managed by a local firm, Traders Investment Managers, have earned total returns of 18.5% and 5.8%, respectively, in US dollars, since the beginning of the year, Lipper reports. They easily outperformed the local market, which lost 8%.
23/12/2011

Allen Stanford fit to be tried

Allen Stanford, the Texan billionaire accused of orchestrating a USD7bn Ponzi scheme, is subject to the finding of the courts, according to the verdict of a judge who has rejected an argument that the banker has been suffering from amnesia since a prison brawl in 2009, the Financial Times reports. According to doctors, Stanford had been faking the memory loss.
23/12/2011

Hedge fund threatens lawsuit over restructuring of Greek debt

The Madrid-based hedge fund Vega Asset Management is threatening a lawsuit against the officials who are negotiating a restructuring of Greek debt if losses are too high, the Financial Times reports. The hedge fund will not accept a cut of more than 50% on the value of its Greek bonds. Vega AM has already burned its bridges with the committee in charge of representing the interests of private lenders in talks on the Greek bond exchange procedure.
23/12/2011
Fonds

BBVA ferme le premier hedge fund espagnol

BBVA Asset Management va fermer le BBVA Codespa Microfinanzas, le premier hedge fund lancé en Espagne, rapporte Investment Europe. Le fonds, lancé en 2006, est investi dans des opérations de microfinance non cotées. Il n’a plus que 24 millions d’euros d’encours après des retraits importants de la part des souscripteurs.
Fonds

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