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19/12/2011

Les marchés actions en Chine davantage ouverts aux étrangers

Les autorités chinoises vont multiplier le nombre d’investisseurs étrangers autorisés à investir sur les marchés actions et obligations domestiques, rapportait vendredi le magazine Caixin sur son site internet, en citant une source proche de la Commission chinoise de régulation des titres.
19/12/2011

Citic tarde à entrer dans CLSA et Cheuvreux

Le chinois Citic Securities, qui devait prendre 19,9% des courtiers du Crédit Agricole avant le 31 décembre, ne pourra pas respecter l’échéance, selon un communiqué diffusé à Hong Kong. Le processus d’approbation réglementaire «sera prolongé à début 2012», explique Citic.
16/12/2011

L'économie irlandaise s'est contractée de 1,9% au troisième trimestre

L'économie de l’Irlande s’est contractée de 1,9% au troisième trimestre, un chiffre nettement plus mauvais qu’attendu qui pourrait compromettre les objectifs de déficit et de dette fixés par l’accord avec l’Union européenne et le FMI. Les analystes tablaient sur une baisse de 0,5% du produit intérieur brut (PIB) sur la période juillet-septembre en données corrigées des variations saisonnières.
16/12/2011

La BCE annonce deux injections à 24 heures

La Banque centrale européenne (BCE) a annoncé vendredi qu’elle procèderait à une injection de liquidités à 24 heures à la veille de chacune de ses deux prochaines opérations de refinancement à trois ans afin d’assurer un relais aux institutions financières concernées. La première de ces injections à un jour aura lieu le 20 décembre, la seconde le 28 février.
16/12/2011

Un accord sur la dette grecque n’est toujours pas garanti

Les discussions sur le projet d'échange de la dette grecque progressent mais rien ne garantit à ce stade qu’elles aboutiront à un accord impliquant une participation volontaire élevée des créanciers privés, a déclaré vendredi un haut responsable de la «troïka» réunissant l’Union européenne, le Fonds monétaire international et la Banque centrale européenne, cité par Reuters. Les discussions achoppent sur plusieurs points, comme le statut des nouveaux titres que recevraient les créanciers privés, le coupon de ces titres ou encore les garanties juridiques qui leur seront offertes.
16/12/2011

Le climat des affaires en baisse de deux points en France

Le climat général des affaires en France s’est à nouveau dégradé en décembre, conformément aux attentes, montre l’enquête mensuelle de conjoncture publiée vendredi par l’Insee. L’indicateur synthétique du climat des affaires dans l’industrie manufacturière a baissé de deux points à 94 et reste sous le seuil de 100 qui correspond à la moyenne de longue période de cet indicateur.
16/12/2011

La zone euro dégage un excédent commercial en octobre

La balance commerciale de la zone euro a dégagé en octobre un excédent commercial de 1,1 milliard d’euros, légèrement supérieur au consensus (1 milliard) mais en net repli par rapport au même mois de l’an dernier (+3,1 milliards). En données brutes, les exportations des 17 ont augmenté de 6,0% par rapport à octobre 2010 et les importations de 7%, précise Eurostat. En données corrigées des variations saisonnières, les exportations affichent toutefois un recul de 1,9%,les importations une baisse de 0,7%.
16/12/2011

Bankia Fondos completes rationalisation of fund range

Rocio Equiraun, CEO of Bankia Fondos, has told Funds People that the asset management firm, born of the merger of Gesmadrid, Bancaja Fondos and Ges Layetana, now has only 51 funds (excluding guaranteed products), compared with 197 before the merger. She says that assets total EUR6.4bn, and that Bankia Fondos has 315,000 clients.
16/12/2011

Two former Theam members found a hedge fund unit at Scor GI

Xavier Lattaignant in November joined Scor Global Investments in Paris, the asset management firm of the French insurance group Scor, to head a new unit dedicated to alternative multi-management. In this role, he is appointed as head of alternative multi-management. In December he was joined by Frédéric Delleaux, as deputy head of alternative multi-management. The two investment professionals previously worked at the BNP Paribas group. Lattaignant is the former head of alternative investments at Harewood, which then became Theam after its merger with a team from BNP Paribas Asset Management. Delleaux had been an alternative investment manager at Harewood. The new desk at Scor GI will be dedicated to alternative multi-management. As of 30 June 2010, the asset management firm had nearly EUR13.6bn in assets under management, the group’s website states. The firm has been in operation since 2009, and handles the management of investment portfolios for all entities of the Scor group. It has also been accepting assets from third parties for some time.
16/12/2011

AGI releases Allianz Income&Growth fund in Spain

The CNMV has recently issued a Spanish sales license to the Allianz Income& Growth sub-fund of the Luxembourg Sicav Allianz Global Investors Fund, Funds People reports. The product is the European version of a diversified fund launched in the United States in 2007, which delivers regular income to investors. The risk profile is moderate. The fund is currently 66% invested in bonds, and 30% in equities. Front-end fee is 2%, and the management commission is 0.28%.
16/12/2011

S&P Capital IG introduces new peer groups

In order to refine its fund categorisation process in asset allocation, the research team at S&P Capital IQ has introduced new classes of funds, within a category which had previously been considered defensive. It has created two new subgroups: “defensive” and “neutral.”S&P Capital IQ will retain its two-stage classification system: in the first stage, specialists take into account the percentage allocated to the primary asset class, and in the second, they look at all high-risk investments, including volatility, downside deviation, and statistics on the maximal losses for the fund. The combination of these two types of analysis are then used to place the fund in a given category.The new ranges for the two stages are: for the first stage, defensive 0-40%, neutral 35-60%, balanced 60-85%, and dynamic > 85% for the second stage, defensive 0-45%, neutral 45-700%, balanced 71-95%, and dynamic > 95%For forex investments, the new categories will be as follows: for the first stage, defensive 0-35%, neutral 35-60%, and dynamic > 60% for the second stage, defensive 0.45%, neutral 45-70%, and dynamic > 70% For all currencies, the defensive and neutral categories are the same as for the pound Sterling. The balanced category does not exist, since deposits are too limited for funds outside the UK.
16/12/2011

CPR AM opts for cautious allocation

Due to continuing uncertainty, CPR Asset Management (EUR18bn in assets) has opted for a highly prudent asset allocation policy. That applies to the two flagship funds from the unit, with a total of EUR2.7bn in assets: the Réflexe Cible 100 fund currently has a 0% exposure to equities, while the Croissance Réactive, which may invest 20% to 80% of its assets in equities, currently has 50% exposure, Arnaud Faller, chief investment officer, explained on 15 December.More generally, the French asset management firm is underweight in equities, with a preference in this asset class for US over European equities. In bonds, Faller prefers investment grade corporate bonds, securitised financial sector shares and high yield due to the profitability of carry trades.
16/12/2011

Vincent Cornet replaces Bernard Descreux at LBPAM

Vincent Cornet has joined La Banque Postale Asset Management (LBPAM) has director of management, from 16 January 2012, the asset management affiliate of La Banque Postale announced on Thursday, 15 December. In this role, Cornet will also become a member of the board at the asset management firm, where he joins chairman Jean-Luc Enguéhard and secretary general Pierre-Manuel Sroczynski. Cornet, 52, who since 2009 had been director of investments at the Malakoff Médéric group and chairman of the board at Fédéris Gestion d’Actifs, succeeds Bernard Descreux, who after 11 years as director of management at La Banque Postale Asset Management has decided to take his professional career in a new direction. Descreux, who could not be reached yesterday, now appears on his LinkedIn profile as director of the asset management division of EDF, Agefi reported on Thursday.
16/12/2011

CalPERS continues infrastructure investments

The Californian pension fund CalPERS on 15 December announced that it has acquired a sake in the undersea cabling project Neptune Regional Transmission System from the Arclight Capital company, for an undisclosed amount. This is CalPERS’ second direct investment in infrastructure, following the acquisition of a stake in Gatwick airport in 2010. In the next three years, CalPERS is planning to invest up to USD5bn in infrastructure projects, of which USD4bn will go to the United States, and USD800m to California.
16/12/2011

Coller Capital takes over Crédit Agricole Private Equity

Crédit Agricole S.A. and Coller Capital have just announced an agreement for Crédit Agricole S.A.’s sale to Coller Capital of 100% of Crédit Agricole Private Equity (CAPE) and substantially all of the funds managed by CAPE and owned by Crédit Agricole Capital Investment Finance (CACIF), a wholly-owned subsidiary of Crédit Agricole S.A. The sale is subject to authorisation from the competent authorities, which should be obtained in the first quarter of 2012. «Crédit Agricole S.A.’s decision to sell CAPE forms part of a plan to optimise capital allocation and refocus the bank’s private equity activities on local business. The sale will reduce Crédit Agricole S.A.’s risk-weighted assets by about EUR900 million. Crédit Agricole S.A. will continue to provide financing for SMEs through the private equity vehicles owned by the Crédit Agricole Regional Banks, as well as through IDIA, a Crédit Agricole Group partner that provides equity and quasi equity financing to agrifood companies and agribusinesses», says a press release.
16/12/2011

Head of hedge funds leaves Unigestion

Philippe Gougenheim is leaving Unigestion, where he had been managing director head of hedge funds since 1 May 2010. Gougenheim had been based in Geneva, and directed the development of the funds of hedge funds team at the Swiss asset management firm. He had previously worked at Man Investments. Gougenheim has announced that he has decided to start his own asset management firm, in order to launch a single hedge fund.Philippe Gougenheim will be replaced by Nicolas Rousselet, who will become managing director, head of hedge funds on January 1st 2012, Unigestion has told Newsmanagers. He will also be a member of the executive committee. Nicolas Rousselet has been working at Unigestion since 2008 and is a strategy manager in charge of arbitrage, credit and equity hedge. He is also a member of the hedge fund investment committee. He had started his career at Fortis Investment Management.
16/12/2011

Raiffeisen offers ETFs on the Swiss stock exchange

The Swiss Stock Exchange SIX on 15 December announced the arrival of a new provider in the Exchange Traded Funds segment, Raiffeisen, which becomes the third major banking group and the first Swiss retail bank to offer ETFs on the exchange. With the four new ETFs from Raifeissen, which are backed by physical gold, the ETF segment of the SIX Swiss Exchange now includes 757 ETFs, of which 108 are listed in an alternative currency. Raiffeisen is the market maker for the new ETFs.
16/12/2011

Old Mutual sells Skandia AB

Old Mutual will sell Skandia AB, which includes long-term savings and banking activities in Sweden, Denmark and Norway, to Skandia Liv, for GBP2.1bn (EUR2.5bn). Skandia Liv is a Swedish insurer which retains ties to Old Mutual (as it is an affiliate of Skandia AB, which in turn is an affiliate of Old Mutual), but which will no longer have ties to the firm after the transaction. Old Mutual will retain ownership of, and will continue to use the Skandia brand in markets outside Sweden, Denmark and Norway. Skandia Liv will use the brand in these three countries.
16/12/2011

Warburg Invest launches first German UCITS IV feeder fund

With the AFA Global Werte Stabilisierungs – Fonds, launched on 12 December, Warburg Invest claims to have become the first German asset management firm (KAG) to launch a Luxembourg-registered master-feeder sub-fund (Warburg Value Fund) which complies with the UCITS IV directive. The 5% of assets which are not placed in the Luxembourg-registered international equities fund will be invested in a risk management overlay to protect against cyclical downward phases on the equity markets.The strategy has been developed based on macroeconomic research from the Hamburg private bank M.M. Warburg & Co.CharacteristicsName: AFA Global Werte Stabilisierungs -FondsISIN code: DE000A0HGL63Front-end fee: 6.10%Management commission: 1.75%Depository banking commission: 0.05%
16/12/2011

French institutionals triple volume of assets in SRI govies at Petercam

According to information obtained by Newsmanagers, the Petercam L Bonds Government Sustainable fund from Petercam, which is based on an SRI analysis of sovereign debt, has increased from EUR80m to EUR240m in assets in three months, largely due to subscriptions from French institutional investors.Currently, the Belgian asset management firm has about EUR500m in assets under management in SRI, of which EUR300m are in two funds, the Government Sustainable and the Equities Europe Sustainable, which has about EUR50m in assets.Petercam is also planning to extend its range next year, and is considering a foray into emerging market debt in local currency.
16/12/2011

Lyxor hedge fund index lost 0.44% in November

In the month of November, the Lyxor Hedge Fund Index has lost 0.44%. Since the beginning of the year, losses have totalled 6.26%, a statement says. For the month, the alternative strategies which performed best were the Lyxor L/S Equity Market Neutral Index (+0.7%), the Lyxor CTA Long Term Index (0.66%), and the Lyxor CTA Short Term Index (0.47%).
16/12/2011

TPG buys a 30% stake in Saxo Bank

Saxo Bank, an online trading specialist, on 15 December announced that the investment fund TPG Capital that day acquired a 30% stake in the group. The Danish financial market surveillance authority, and other international authorities including the European Commission, have approved TPG Capital’s investment in Saxo Bank. The transaction was completed on 15 December, and the transfer of shares has been completed. TPG Capital acquired 30% of capital in Saxo Bank from existing shareholders, including General Atlantic, an international investment fund, and Banco Espirito Santo, one of the largest Portuguese banks. General Atlantic and Banco Espirito Santo invested in Saxo Bank in 2005 and 2008, respectively. Banco Espirito Santo and Saxo Bank will continue their commercial cooperation. As previously announced, the founders, Kim Fournais and Lars Seier Christensen, will retain a majority stake in the firm, and will continue to serve as co-chairs of the group, Fournais Holding A/S and Lars Seier Christensen Holding A/S, each of which holds 29.95% of the bank. Following the change in shareholder structure, the board of directors at Saxo Bank now includes chairman Kurt K. Larsen, Dennis Malamatinas, professor Thomas Plenborg, and some new members: Asiff S. Hirji, a partner at TPG Capital, Karl I. Peterson, a partner at TPG Capital, and Jacob Polny (substitute), vice-president of TPG Capital.
16/12/2011

Standard Life changes strategic orientation of one of its funds

More than 90% of shareholders have agreed at an extraordinary general meeting to convert the OEIC Managed Fund from Standard Life Investments (SLI) into a Global Equity Income Fund. The change will take effect on 16 January.The objective for the fund, managed by Kevin Troup, will be to generate income with potential for capital gains over the long term, rather than focusing on capital growth, as previously. In order to achieve that, the manager will construct a diversified international equity portfolio which combined the best ideas from SLI analysts and equity managers.The portfolio of 70-80 positions will be benchmarked against the development of the global income equity sector of the IMA.
16/12/2011

Vinculum preparing a US equity fund

Vinculum, the new asset management firm founded by the former co-founder of Liontrust, Nigel Legge, is planning to launch a fund dedicated to US equities in 2012, Investment Week reports. The firm recently announced that in early January it is planning to launch an international equities fund. The new fund, like the international equities fund, will be managed in partnership with the asset management firm StockRate Asset Management, which has created a process to identify, evaluate and select businesses for investment.

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