Royal Bank of Canada vient de boucler l’acquisition de BlueBay Asset Management annoncée le 18 octobre 2010 (lire article du 19 octobre 2010). Avec cette opération, l’activité de gestion d’actifs de RBC s’adjoint 200 employés et environ 40 milliards de dollars d’encours.Le prix de la transaction avait été fixé à 485 pence en espèces par action BlueBay, soit un total de 963 millions de livres.

p { margin-bottom: 0.08in; } Citywire reports that Deutsche Bank has announced the launch of an Asian UCITS III-type absolute return fund, in collaboration with the hedge fund firm Sloane Robinson. The Newcits fund, which is in the process of obtaining a license, will be launched on the DB Platinum platform.

p { margin-bottom: 0.08in; } The consulting committee for the financial sector (CCSF) on 20 December published its fifth annual report, which covers the second half of 2009 and the first half of 2010. In addition to coverage of recurring topics in the banking, credit, insurance and savings sectors, the CCSF has announced new initiatives. To increase the readability and comparability of the costs of banking and financial services, three new glossaries have been published by the Committee for “day-to-day banking and credit,” “insurance,” and “savings and financial investments.” Following the publication of the report ordered in July 2010 by the minister of Economy, Finance and Industry on banking fees, the CCSF in summer 2010 reached an agreement on the publication of a standard list of fees for ten products and services from among the most popular by all banks, at the top of their fee schedules and on the internet, in 2011. The committee also required a series of strong engagements from banks, and has been tasked by the Minister with attentively monitoring their enactment. In addition, banking and financial regulations have set a new missino for the CCSF, to monitor the evolution of fee practices at banks. To support the reforms to financial architecture and supervision in France, and the creation of the Prudential Control Authority, the CCSF has also contributed to the organisation of meetings between professionals and consumers to discuss various subjects related to European harmonisation: means of payment within the single euro payment area (SEPA) and the reinforcement of information for retail clients. The year 2010 was also marked by the reinforcement of the role of the CCSF by the banking and financial law, to monitor fee practices at banks and subject them to control by the prudential control authority, as the minister required respect for the engagements made by professionals in the financial sector to the CCSF.

p { margin-bottom: 0.08in; } The council of governors of the European Central Bank (ECB) has decided to institute a requirement that individual information be supplied for each loan included in asset-backed securities (ABS) within the Eurosystem guarantee framework. The council of governors says in a statement that it is planning to introduce the requirements within an 18-month time framework, initially for retail mortgage-backed securities (RMBS), and then gradually for other types of ABS. Detailed information on the underlying loans in ABS will be provided in keeping with models available on the ECB website, on at least a quarterly basis, on the day that interest payments on the instrument concerned are paid, or within one month following that date. To facilitate processing, verification and transmission of information, the Eurosystem will encourage market actors to provide the necessary infrastructure for the management of these data. The framework will facilitate the deployment of individual loan information requirements and lead to increased transparency in the ABS market. Following the establishment of the necessary infrastructure to manage these data, the individual loan information communication requirement will become an eligibility criterion for the instruments concerned. The Eurosystem will continue to accept securities which do not respect the new information criteria until the entry into force of the requirement that information on underlying loans be transmitted.

p { margin-bottom: 0.08in; } The research firm Eiris has published a study of biodiversity which lays out five recommendations to help investors confront the inadequacies of businesses in the area of biodiversity. Activities related to biodiversity are “largely ignored by the business community,” Eiris comments. Investors need to take measures to understand the systemic risks which a biodiversity deficit represents for their investments. Investors should take into account the risks that are not managed in the supply chain. The study encourages businesses to respect the principles of the 1992 convention on biological diversity, and to use channels which require businesses to participate in responsible programs. The study suggests that a collaboration between investors could achieve a maximal effect in relation to this problem. Eiris has also identified nine exemplary companies in the area of biodiversity: Fraport (Germany), Holmen (Sweden), International Paper (United States), Severn Trent (United Kingdom), Sjkanska (Sweden), Teck Resources (Canada), Unilever (United Kingdom), United Utilities Group (United Kingdom) and UPM-Kymmene (Finland).

p { margin-bottom: 0.08in; } Investment Week reports that UBS is proposing to launch an emerging markets fixed income fund towards the end of January. The fund would offer fixed income while aiming for long-term capital appreciation. Urs Antonioli, who already manages the UBS Global Emerging Markets Equity fund (GBP675m) would select high yield securities, taking into account the dividends paid and projections of future dividends.

p { margin-bottom: 0.08in; } Responsible Investor reports that the Netherlands pension fund PGGM, with assets under management totalling about EUR80bn, has invested EUR18.9m, in partnership with Ampère Equity fund, in a 24.8% stake in the British offshore wind farm under construction known as Walney. The renewable energy infrastructure fund Ampère Equity Fund has EUR320m in assets. PGGM and the Netherlands pension fund APG have already invested EUR100m each in the fund. PGGM and Ampère will acquire the stake in the wind farm from the Danish energy group Dong Energy, which retains a 50.1% stake.

p { margin-bottom: 0.08in; } The largest German energy company, E.ON, on 20 December announced that it has sold its gas network in Italy to two funds, the Italian F2i SGR and the French Axa Private Equity, stating that the sale brought in EUR255m in cash. The value of the network sold is estimated at about EUR290m, E.ON says in a statement. The network, known as E.ON Rete, has a total length of 9,100 kilometres, and provides gas to 600,000 clients. It is based in Verona and deployed largely in northern Italy, and has about 300 employees. “Our gas distribution network in Italy is relatively small, and subject to severe regulatory conditions. We have nearly no opportunities to exploit economies of scale or synergies with other E.ON activities in Italy. For these reasons, we decided to sell it,” Bernhard Reutersberg, a board member at E.On, cited in the statement, explains.

Neptune Investment Management is in the process of closing the Neptune Corporate Bond Fund and the Neptune International Bond Fund, both managed by Ted Alexander. The first one was launched in December 2008 and the second one in November 2009 “Neptune constantly reviews its product range to ensure that it is meeting investors’ needs. After careful consideration, the decision was taken to close the funds owing to lower than anticipated investor demand”, says the fund management company. These were the only two fixed income funds of Neptune IM, more focused on equities.

Royal Bank of Canada has completed the acquisition of BlueBay Asset Management, announced on October 18, 2010. The addition of BlueBay brings over 200 employees and approximately USD40 billion in assets under management to RBC’s Global Asset Management business.

p { margin-bottom: 0.08in; } The Japanese firm Sparx, in partnership with its hedge fund management units, Cosmo Investment Management in Korea and PMA Capital Management in Hong Kong, is planning to launch a pan-Asian hedge fund in 2011, Asian Investor reports. The strategy of the new product is not yet defined, but the size of the fund will be approximately USD300m. Assets in hedge funds managed by Sparx and its alternative management affiliates total USD2.5bn, while asstes under management by the group total about USD6bn.

p { margin-bottom: 0.08in; } The Committee of European Securities Regulators (CESR), which on 1 January will become the European Securities and Markets Authority (ESMA), on 20 December published a series of recommendations for the Key Information Document (KID). The CESR lays out the contents and presentation of a standard document for a UCITS product. The Committee also makes proposals for the selection and presentation of performance scenarios for structured OPCVMs and its responses to the consultation held on the subject. The CESR has also addressed transitional measures to assist in the replacement of the simplified prospectus by the DICI. The Committee estimates that the simplified prospectus may continue to be tolerated until 30 June 2010, if legislation by member states allows it. New products authorised after 30 June 2011 will rely on the DICI. Products which continue to use the simplified prospectus after the date on which the directive comes into force on 1 July 2011 will be required to adapt in order to take the DICI’s requirements into account.

p { margin-bottom: 0.08in; } According to reports in La Tribune, Erich Bonnet, one of the founders of the alternative management firm ADI, which was acquired in 2008 by Ofi Asset Management, is a candidate to acquire Olympia Capital Management. The alternative management specialist, currently president of Furstenberg Finances, a firm specialised in investment advising and family office, would team up with a Greek family office for the operation.

p { margin-bottom: 0.08in; } Mutual Fund Wire reports that Mark Fetting, chairman and CEO of Legg Mason, has reshuffled his management team, with the addition of a new head of distribution and one person dedicated to M&A activities. At the same time, Dave Odenath, head of Legg Mason for the Americas, will be leaving the firm at the end of the year. Fetting has recruited Joseph Sullivan as Global Head of Distribution, while Jeffrey Nattans is appointed Head of M&A and business development. Ronald Dewhurst becomes Head of global investment managers.

Réuni le 17 décembre 2010, le conseil d’administration de Crédit Agricole S.A. a approuvé, sur proposition de son directeur général Jean-Paul Chifflet, la nouvelle répartition des missions des directeurs généraux délégués, indique un communiqué publié lundi 20 septembre. Michel Mathieu, déjà responsable des activités Finances, Ressources Humaines, Juridique et Conformité, Informatique, Stratégie, Etudes Economiques, a dorénavant en charge les activités Assurances, Gestion d’Actifs, Immobilier et Private Equity (CAPE). En outre, il demeure responsable de la Conformité. De son côté, Jean-Yves Hocher - récemment nommé directeur général de Crédit Agricole Corporate and Investment Bank - conserve la gestion des activités de Banque Privée.

Selon les informations de La Tribune, Erich Bonnet, l’un des fondateurs de la société de gestion alternative ADI reprise en 2008 par Ofi Asset Management, s’est porté candidat pour le rachat d’Olympia Capital Management - alors que nom de Natixis notamment circulait. Ce spécialiste de la gestion alternative, et actuel président de Furstenberg Finances, société spécialisée dans le conseil en investissement et le family office, s’associerait à un family office grec pour l’opération.

L’UFF vient d’annoncer la nomination de Murielle Daveau au poste de secrétaire général du réseau commercial. Elle sera rattachée à Bruno Dell’Oste, directeur commercial et directeur général adjoint, et aura en charge la direction opérationnelle de tous les services commerciaux. Elle assurera également l’interface entre la direction commerciale et les autres services du siège.Murielle Daveau, 50 ans, a débuté sa carrière à l’Union Financière de France en 1981. En 1992, elle a pris la direction de l’administration de la clientèle. Depuis 2004, elle assure également la direction des services d’assistance au réseau. La direction de l’administration de la clientèle sera, quant à elle, désormais rattachée à Paul Younès, directeur général adjoint, qui supervise d’ores et déjà l’offre financière, la communication, le marketing et les partenariats, indique un communiqué.

En bloquant pour des raisons «stratégiques» le projet de vente d’Ingenico à l’américain Danaher, l’Etat a provoqué l’incompréhension au sein du groupe présidé par Philipe Lazare, rapporte l’Agefi. Et ce d’autant que Safran vient de boucler pour un milliard de dollar l’acquisition de L1, une société américaine de solutions biométriques et de titres d’identité sécurisés. Cette décision risque en tout cas de créer la confusion au sein du conseil d’administration d’Ingenico où Safran détient quatre des treize sièges. Sans parler du mécontentement de près de 80% de ses actionnaires qui auraient pu profiter de cette offre pour rendre liquide leur participation.Danaher souhaitait que les actionnaires de référence d’Ingenico, Safran, la famille Poutrel et Consellior s’engagent à apporter leurs titres à l’offre. Safran ayant refusé à la dernière minute, sous la pression de l’Etat qui détient 30% de son capital, Danaher n’a pas déposé d’offre formelle, précise le quotidien.

Prenant acte de l’impossibilité de mettre en œuvre au 1er janvier 2011 leur coentreprise détenue à 50-50 - l’Autorité de contrôle prudentiel avait bloqué fin novembre le projet en refusant d’agréer le transfert de certains portefeuilles -, CNP Assurances et Malakoff Médéric ont sérieusement revue leur copie, indique l’Agefi. Il est désormais question d’un partenariat commercial. Les deux partenaires vont travailler ensemble à la conception d’une nouvelle gamme de produits et services à destination des salariés des entreprises. En outre, CNP Assurances et Malakoff Médéric vont élaborer un système d’information unique dans le domaine de l'épargne retraite. Enfin, les deux partenaires souhaitent rapprocher leurs activités d'épargne salariale respectives, à savoir Fongépar (filiale de CNP Assurances) et Fédéris (filiale de Malakoff Médéric), précise le quotidien.

Le fonds anglo-australien a indiqué hier avoir engagé des négociations pour reprendre son rival britannique en difficulté

Craignant de nouveaux retraits massifs de liquidités dans le futur, les autorités du pays ont décidé de taxer la dette détenue par les banques étrangères

Elle va progressivement exiger des informations sur chaque prêt sous-jacent dans les titrisations. La décote appliquée aux ABS va passer à 16 %

Sur ce marché marqué par une liquidité limitée, se protéger contre un défaut de la France coûte plus cher qu’un contrat sur certains corporates

Représentant 1,24 % du PIB, le trou est en ligne avec les plans du gouvernement, qui joue la « transparence » face aux doutes des marchés

Le contrat de protection contre le risque de défaut de la France a atteint hier 107 points de base, son plus haut niveau. Le contrat sur la France est donc plus onéreux que ceux sur des grands corporates français tels que France Télécom ou Veolia.

Si les efforts de la Grèce ont déjà permis d’améliorer sa compétitivité, le déficit budgétaire irlandais devrait rester supérieur à 3 % en 2015

Une majorité de pays, dont l'Allemagne, ont exprimé leurs réticences. Un accord sur la méthodologie n'est pas attendu avant fin janvier

A l’occasion de l’actualisation de la charte de la médiation, le régulateur a notamment ajouté un paragraphe sur l’impartialité du médiateur, un principe essentiel des recommandations de la Commission européenne concernant les systèmes amiables de résolution des litiges. L’AMF précise aussi l’application des principes de confidentialité aux collaborateurs du médiateur de l’AMF.

La banque centrale hongroise a une nouvelle fois relevé son principal taux directeur pour le porter à 5,75%, soit la deuxième hausse depuis 2008 après celle du mois dernier. L’inflation est restée à un plus haut de quatre mois, à 4,2%, en novembre, alors que les prix alimentaires ont grimpé de 5,9%.

A la suite de l’exposé-sondage «Impôt différé : recouvrement d’actifs sous-jacents » lancé en septembre, l’IASB a annoncé lundi une modification d’IAS 12 «Impôts sur le résultat». La norme exige d’une entité qu’elle mesure l’impact fiscal différé relatif à un actif, selon que l’entité s’attende à recouvrer la valeur comptable au travers d’une utilisation ou d’une vente. Un calcul qui peut être difficile via le recours au modèle de la juste valeur d’IAS 40 «Immeubles de placement». L’amendement introduit une présomption selon laquelle le recouvrement de la valeur comptable se fera, normalement, au travers d’une vente.