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26/05/2011

M&G a soutenu le nouveau président de F&C

Edward Bramson, l’investisseur activiste qui est devenu president de F&C Asset Management en février, a non seulement bénéficié du soutien d’Aviva pour se faire élire, mais aussi de celui de M&G Investments, révèle Financial News. M&G détient 3,26 % de F&C, alors qu’Aviva possède 8,6 %, précise le journal, citant Bloomberg.
26/05/2011

Larry Fink, le patron le mieux payé du secteur financier aux Etats-Unis

Le patron de BlackRock, Larry Fink, arrive en tête du classement annuel des patrons les mieux payés des plus grandes sociétés financières (sur la base de la capitalisation de marché) basées aux Etats-Unis qui paraîtra dans la livraison du mois de juillet du magazine Bloomberg Markets.Le total des rémunérations de Larry Fink s’est élevé au titre de 2010 à 23,8 millions de dollars alors que l’action BlackRock a perdu 16%, à comparer à une progression de 13% de l’indice Standard & Poor’s 500 Asset Management and Custody Bank. En 2009, le titre BlackRock avait il est vrai enregistré sa meilleure performance depuis 2000, avec un bond de 77%. Larry Fink précède dans le classement John Strangfeld de Prudential Financial (22,6 millions de dollars) et Gregory Case d’AON Corp (20,8 millions de dollars). La rémunération moyenne des 50 premiers CEO qui occupaient les mêmes fonctions en 2009 a progressé de 26% en 2010 à 11,5 millions de dollars.
26/05/2011

JP Morgan WSS wins a mandate for Första AP-Fonden

The Swedish pension fund Första AP-Fonden (AP1) has selected JP Morgan Worldwide Securities Services as its international custodian, to provide it with a range of administration and custody services. The fund manages a total of SEK218.8bn in assets.
26/05/2011

Lombard Odier releases a fund in Italy

Lombard Odier Investment Managers has registered its LO Funds – BBB-BB Bond fund, an actively-managed fund which invests in European corporate bonds rated BBB to BB, for sale in Italy, Bluerating reports.
26/05/2011

Tocqueville releases its Godl Fund in Spain

On 24 May, the CNMV issued a sales license for Spain for the French-registered Tocqueville Gold Fund, managed by John C. Hathaway. The product, launched in June 1998, will be available in the country from Tressis. Two share classes have been registered: I (FR0010653501) and P (FR0010649772). Assets in the fund currently total about USD2.7bn.
26/05/2011

Reyl continues expansion

Currently, the Reyl & Cie group manages about CHF4.4bn, or EUR3.3bn, in assets, of which EUR1.3bn are in funds from Reyl Asset Management, which has taken on EUR120m in net subscriptions since the beginning of this year. Following the creation of the joint venture Samena Asia Managers with Samena Capital (see Newsmanagers of 20 April), the Swiss management firm will announce an external growth operation by the end of next month – familiar territory for the new director, François Reyl, who in the past has worked in mergers and acquisitions. Meanwhile, Thomas de Saint-Seine, a member of the board of directors and CIO of Reyl Asset Management, announced in Paris on 25 May that the fund’s capacities are limited to EUR1bn (compared with EUR380m currently, and EUR180m as of the end of March) for the Reyl European Equities fund, EUR1-2bn for the Reyl Emerging Markets Equities fund (USD174m as of the end of March, USD200m currently), and EUR2bn for the Reyl North American Equities (USD111m as of the end of March). The outperformance objectives for the funds over a complete economic cycle are set at 300 basis points per year for the North American fund, 500-800 basis points for the European product, and 800-1100 basis points for the emerging markets equities product. The house management process is described by Maxime Botti, senior portfolio manager, as “a systematic and opportunistic approach to quantitative management,” with funds 100% invested, long only. The turnover rate stands at about 30% over a 4-6 weeks period, with a high number of positions. Reyl funds ultimately have a lower level of volatility than the market, but outperformance of 70%, the heads of the management firm explain.
26/05/2011

J.P. Morgan AM recruits a European head for SIAG team

J.P. Morgan Asset Management has appointed professor Paul Sweeting as European head of its Strategic Investment Advisory Group (SIAG), Global Pensions reports. Sweeting will be based in London, and will be in charge of providing European clients of J.P. Morgan AM with advice, analysis and education about the various aspects of asset allocation, risk management, and investment strategies. In this newly-created position, Sweeting will report to Peter Rappoport, the new global head of SIAG.
26/05/2011

First quarter brings positive flows for Italian management sector

In first quarter, the asset management sector posted net subscriptions of EUR1.4bn, according to Assogestioni, the Italian association of management professionals. Inflows got a boost from institutional mandates (nearly EUR6bn) and foreign funds (EUR5.5bn). As of the end of the quarter, assets under management in the sector totalled EUR1.006trn.
26/05/2011

Lyxor lists another ETF on NYSE Euronext

The Lyxor ETF CAC Mid 60 has become the 562nd ETF to be admitted to trading on the European platforms of NYSE Euronext, which now has a total of 653 listings. The French-registered products from Lyxor Asset Management is now listed on the Paris stock exchange. As its name indicates, it replicates the CAC Mid 60 index. Its TER is 0.50%.
26/05/2011

Asset management sector has momentum in Ireland

The Irish Funds Industry Association (IFIA) late last week announced at its general assembly that it predicts that over 700 jobs will be created in the sector by the end of this year. In 2010, the sector saw growth in its workforce of about 5%, with the creation of 432 new jobs, according to a survey of member firms of the association. In other words, between January 2010 and the end of 2011, the asset management sector will have created about 1150 jobs, which will bring total employees in the sector to about 12,500. This figure may of course rise with subsequent announcements, such as Deutsche Bank’s recent decision to move all of its hedge fund administration activities to Dublin, where the bank is planning to set up a centre of expertise for hedge funds, with the recruitment of 75 to 100 people by the end of the year. Last year, the association says in a statement, assets under administration in funds rose 34%, to a record EUR1.870trn, up from EUR1.4trn as of the end of 2009.
26/05/2011

Groupama AM structures Gestions Sigma unit

Groupama Asset Management has appointed Henri Chabadel as director of Gestions Sigma, its new unit, which includes direction multi-management, alternative multi-management, and directly-managed absolute return and total return products. Chabadel will report to Antoine de Salins, director of management, and will also oversee the creation of direct management procedures at Sigma. Chabadel joined Groupama in 2008 as head of directional multi-management. He was previously director of multi-management at Louvre Gestion-HSBC PBF. Servane Duforest becomes head of directional multi-management. She also joined Groupama in 2008, as a directional multi-manager, after serving as a multi-management manager at FundQuest. Alternative multi-management will be overseen by Olivier Louvet-Martin. Groupama AM also confirms the arrival of Dimitri Boismare, which Newsmanagers had previously reported, as directional multi-manager. Boismare served as a multi-management analyst at Rothschild & Compagnie Gestion from 2008 to 2011.
26/05/2011

Edram recruits a sales manager for Switzerland

Déborah Knobler is joining Edmond de Rothschild Asset Management as international sales manager in the international sales direction team, led by Lionel Errera. Knobler will primarily serve the Swiss market. She is an addition to the international team, as the position is newly-created. Knobler, 28, began her career at SGAM in 2007 as a product marketing manager, and then developed her sales skills in the internaional team, serving institutional clients and family offices in Europe and the Middle East.
26/05/2011

Sycomore AM adds to sales team

Sycomore Asset Management on Wednesday, 25 May announced the appointment of Denis Dubreuil as head of partner relations for the Paris and Northern France region. Dubreuil was previously head of partner relations for the Paris region and north-eastern France at Tocqueville Finance, where he was in charge of promotion of funds of the range to IFAs, fund of fund managers, and private banks.
26/05/2011

Russell and Axioma launch a new range of indices

Russell Investments and Axioma, a provider of portfolio optimisation and risk analysis tools, on 24 May announced the launch of a series of long-only factor indices. The new Russell-Axioma indices of US small and midcaps will allow investors to manage exposure for their portfolios and measure their performance fir five risk factors within their allocations. The new indices are: Russell-Axioma U.S. Large Cap High beta IndexRussell-Axioma U.S. Large Cap Low Beta Index Russell-Axioma U.S. Large Cap High Volatility Index Russell-Axioma U.S. Large Cap Low Volatility Index Russell-Axioma U.S. Large Cap High Momentum Index Russell-Axioma U.S. Small Cap High Beta Index Russell-Axioma U.S. Small Cap Low Beta Index Russell-Axioma U.S. Small Cap High Volatility Index Russell-Axioma U.S. Small Cap Low Volatility Index Russell-Axioma U.S. Small Cap High Momentum Index
26/05/2011

Larry Fink is highest-paid US financial sector chief

The head of BlackRock, Larry Fink, tops the annual rankings of the highest-paid directors of major financial sector businesses (on the basis of market capitalisation) in the United States, which will appear in the July issue of Bloomberg Markets magazine. Fink’s total pay in 2010 came to USD23.8m, while BlackRock shares lost 16%, compared with 13% gains for the Standard & Poor’s 500 Asset Management and Custody Bank index. In 2009, BlackRock shares did, however, turn in their best performance since 2000, with gains of 77%. Fink places in the rankings ahead of John Strangfield of Prudential Financial (USD22.6m) and Gregory Case of AON Corp (USD20.8m). The average pay for the top 50 CEOs who held the same positions in 2009 has risen 26%, to USD11.5m in 2010.
26/05/2011

Net profits for management firms up 31% in 2010

Despite a 13.1% contraction year on year, to EUR177.1bn in assets as of the end of December, net profits at Spanish management firms last year increased 31.7%, to EUR207.48m, the CNMV reports in its recently-published 2010 annual report. The number of management firms increased to 123 from 120, with 6 new entities added and three removed. The CNMV states that the top three actors as of the end of December accounted for 39.1% of assets under management, while the top ten accounted for 61.6% of total assets. Of this total, 34 management firms, up from 31 in 2009, posted losses last year, but their losses last year fell to EUR20.23m, down from EUR41.38m. Assets under management by foreign management firms with products on sale in Spain increased 46% in 2010, to EUR36.7bn, double their levels in 2008, although the total is lower than the record of EUR50bn set in June 2007. As of the end of last year, assets under management by foreign management firms added up to 20% of those under management by Spanish management firms, compared with 12% as of the end of 2009.
26/05/2011

Major increase in assets at Metzler

For 2010, the Metzler private bank will pay out an unchanged dividend, which has long been limited to EUR2.3m, though the firm also has cash reserves for general banking risks of EUR32.2m (and which now stands at as much as EUR42m), and will be paying an undisclosed amount into these reserves. Tier 1 owners’ equity now stands at over 20%, which is higher than the level required by Basel III, Friedrich von Metzler states. The asset management unit at the firm finished 2010 with assets of EUR41bn, compared with EUR37bn twelve months earlier, due to net inflows and positive market evolution. In alternative strategies, 20 employees manage about EUR8bn, while volumes for the Metzler Fund Xchange platform now total EUR11.5bn, compared with EUR10bn at the end of 2009.
26/05/2011

M&G supports new F&C chairman

Edward Bramson, the activist investor who became chairman of F&C Asset Management in February, not only received the support of Aviva for his election bid, but also that of M&G Investments, Financial News reports. M&G controls 3.26% of F&C, while Aviva owns 8.6%, the newspaper reports, citing Bloomberg.
26/05/2011

Morgan Stanley Infrastructure invests in an Indian joint venture

On 24 May, Morgan Stanley announced that its infrastructure specialist affiliate, Morgan Stanley Infrastructure Partners, will invest up to USD200m in a joint venture with Isolux Corsan Concesiones in India. The joint venture will aim to finance the construction of roads in India.
26/05/2011

Geithner flatte les candidatures de Lagarde et Carstens au FMI

Le secrétaire américain au Trésor Timothy Geithner a jugé que Christine Lagarde et Agustin Carstens étaient deux candidats crédibles à la direction générale du Fonds monétaire international. La candidature de Christine Lagarde, ministre française de l’Economie, a le soutien d’une bonne partie des pays européens tandis que celle d’Agustin Carstens, gouverneur de la banque centrale mexicaine, a les faveurs des pays émergents.
26/05/2011

Création d'une commission d'enquête sur les emprunts « toxiques »

La commission des Finances de l’Assemblée nationale a décidé de créer une commission d’enquête sur les emprunts «toxiques». Elle a adopté à l’unanimité une demande du socialiste Claude Bartolone, par ailleurs président du conseil général de Seine-Saint-Denis, de créer une commission d’enquête composée de trente députés. Cette commission devra étudier «les conditions dans lesquelles des emprunts et produits structurés, des contrats d'échange et d’autres produits financiers à risque s’inscrivant dans une gestion active de la dette, ont été souscrits». Elle devra également «déterminer l’encours qu’ils représentent, leur nature et leur impact sur les comptes publics ainsi que tirer les conséquences législatives et règlementaires de leur souscription». L’Agefi avait révélé en décembre dernier que le syndicat intercommunal des ordures de Saint-Germain-en-Laye était exposé à hauteur de 39 millions d’euros.
26/05/2011

L'Irlande ne compte pas céder sur l’impôt sur les sociétés

«Je serai très clair là-dessus, l’Irlande n’a pas l’intention d’augmenter le taux de son impôt sur les sociétés (actuellement fixé à 12,5%)», a déclaré à l’AFP Eamon Gilmore, vice-Premier ministre et ministre des Affaires étrangères. Le Tanaiste ne rejette toutefois pas l’idée d’un compromis, avec un élargissement possible de l’assiette de cet impôt.
26/05/2011

L’Autorité de la concurrence donne ses pistes pour l’action de groupe

Dans le cadre de la consultation de Bruxelles sur les actions collectives, l’Autorité de la concurrence française se dit favorable à une action assurant effectivement le droit à réparation du préjudice subi par les victimes de pratiques anticoncurrentielles tout en prévoyant un ensemble de garde-fous contre les recours abusifs. Elle pose trois conditions pour un modèle efficace. D’une part, la formation d’actions en réparation consécutives à une décision de la Commission européenne, ou à une décision de l’autorité nationale de la concurrence (ANC), si elle établit des pratiques anticoncurrentielles, pourrait être privilégiée. Cette orientation constitue également une garantie contre les procédures et recours abusifs. D’autre part, les décisions des ANC devraient voir leur statut renforcé afin de simplifier le traitement de l’action en réparation. Enfin, il serait nécessaire de protéger la confidentialité des déclarations et demandes de clémence.
26/05/2011

Le chômage poursuit son repli en France

Le nombre de demandeurs d’emploi en catégorie A s’est replié de 10.900 (-0,4%) en France métropolitaine en avril pour s'établir à 2.669.100, soit un quatrième mois de baisse d’affilée. En ajoutant les personnes exerçant une activité réduite (catégories B et C), le nombre de demandeurs d’emploi a diminué de 0,2%, soit -6.300 personnes, pour atteindre 4.039.100. En revanche, la situation continue de se dégrader pour les personnes âgées de 50 ans et plus, ainsi que pour les chômeurs de longue durée.
26/05/2011

Net recul des commandes biens durables aux Etats-Unis

Les commandes de biens durables aux Etats-Unis ont baissé plus que prévu en avril, enregistrant leur plus fort recul en six mois, selon les statistiques publiées hier. Le département du Commerce a fait état d’une baisse de 3,6% des commandes en avril après un bond de 4,4% (révisé de +4,1%) en mars. BNP Paribas note que «les commandes de biens durables se sont accrues de 12,6% en termes annualisés au cours des trois derniers mois (par rapport aux trois mois précédents)» grâce notamment à la composante «transports».
26/05/2011

Pas de référendum en Grèce sur l'austérité ou l'euro

Il n’y aura pas de référendum en Grèce sur les nouvelles mesures d’austérité ou sur l’euro, a annoncé le porte-parole du gouvernement d’Athènes, Georges Petalotis. Une grande partie de la presse grecque annonçait que le Premier ministre envisageait de recourir à un référendum pour faire valider de nouvelles mesures d’austérité, indispensables pour obtenir un autre prêt de l’Union européenne et du Fonds monétaire international.
26/05/2011

S&P rassure sur l’Irlande

L’agence de notation Standard & Poor’s n’abaisserait pas automatiquement la note de crédit irlandaise si la Grèce devait restructurer sa dette, a indiqué à Reuters un analyste de l’agence. La veille, l’agence Moody’s avait de son côté estimé que le Portugal et l’Irlande seraient menacés d’un abaissement de plusieurs crans de leur note souveraine en cas de défaut de la Grèce, les plongeant en catégorie spéculative.
26/05/2011

Hausse inattendue des stocks de brut outre-Atlantique

Les stocks américains de pétrole brut ont augmenté la semaine dernière, a annoncé l’Agence américaine d’information sur l'énergie (EIA). Les stocks de brut ont progressé de 616.000 barils à 370,93 millions. Les économistes attendaient en moyenne une baisse de 1,3 million de barils.
26/05/2011

La Suisse veut sortir du nucléaire d'ici 2034

Le Conseil fédéral a décidé de sortir du nucléaire avec la fermeture de la dernière centrale atomique en 2034, mais elle ne fermera aucune centrale de manière prématurée, selon l’agence de presse suisse ATS. La confiance du public dans l’industrie nucléaire, qui fournit 40% de l'énergie totale de la Suisse, a fortement diminué après le désastre qui a touché la centrale atomique de Fukushima au Japon.

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