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09/12/2010

La CE franchit un pas décisif en vue de créer un brevet européen

Un pas décisif a été franchi mercredi en vue de créer un brevet européen avec la décision de la Commission européenne de lancer une «coopération renforcée» entre un groupe d’Etats plutôt que de rechercher l’unanimité après plusieurs décennies de négociations.
09/12/2010

Nout Wellink rejette l'idée des « E-Bonds »

L'émission de titres obligataires européens ne permettrait pas un partage transparent du poids de la dette au sein des 16 pays formant la zone euro, a déclaré mercredi Nout Wellink, membre du conseil des gouverneurs de la Banque centrale européenne (BCE). «L’une des raisons qui fait que je suis très opposé à un tel projet est qu’il s’apparente à un transfert implicite d’argent vers d’autres pays», a-t-il déclaré devant des journalistes.
09/12/2010

L’emploi australien ne connaît pas la crise

L’économie australienne a créé 54.600 emplois au mois de novembre par rapport au mois précédent, soit plus du double du chiffre anticipé par les analystes interrogés par Bloomberg de 20.000 emplois. Le taux de chômage est ainsi tombé en novembre à 5,2%, contre 5,4% en octobre, alors que la banque centrale a laissé ses taux directeurs inchangés cette semaine.
09/12/2010

GIC étend son pouvoir au sein de CICC

Le fonds souverain de Singapour, Government of Singapore Investment Corp, a annoncé avoir plus que doublé sa participation au capital de China International Capital Corp, profitant de la mise en vente des 34,3% que détenait Morgan Stanley dans la banque chinoise. Avec 16,35% du capital de CICC, GIC devient ainsi le deuxième plus gros actionnaire de la banque chinoise.
09/12/2010

Le défi de la convergence des régulations

Le chemin est semé d’embûches vers une convergence accrue des régulations entre l’Europe et les Etats-Unis. Les normes comptables ou les velléités d’extraterritorialité américaines constituent autant de défis, ont expliqué hier les intervenants à un séminaire organisé par L’Agefi.
09/12/2010

MIF 2 cible les structures de marché

La Commission, qui a lancé hier la consultation sur la révision de la directive sur les marchés d’instruments financiers, s’attaque aux lieux de négociations opaques.
08/12/2010

Les exportations allemandes ont baissé en octobre

L’excédent commercial de l’Allemagne s’est légèrement contracté en octobre en raison d’un recul inattendu des exportations, mais les importations ont été solides et les économistes n’y voient pas de raison de douter de la reprise dans la première économie d’Europe. D’un mois sur l’autre, les exportations ont diminué de 1,1% en octobre en données CVS, enregistrant leur plus fort recul en six mois.
08/12/2010

Bruxelles engage la réforme de l'encadrement des marchés financiers

La Commission européenne a lancé une vaste consultation visant à préparer la réforme de la directive Marchés d’instruments financiers, qui encadre les transactions sur les marchés. Il s’agit notamment pour l’exécutif communautaire d’adapter le cadre réglementaire actuel, en vigueur depuis novembre 2007, aux leçons tirées de la crise. «Je veux m’assurer que la révision de MiFID conduira à un cadre de régulation plus fort, adapté aux nouvelles tendances et aux nouveaux acteurs des marchés financiers», a indiqué le commissaire européen au Marché intérieur Michel Barnier, tout en insistant sur la nécessité de renforcer la transparence et la protection des investisseurs. En parallèle, la Commission européenne a adopté une communication sur le renforcement du régime des sanctions pour manquement aux règles en vigueur. Pour Michel Barnier, «si un établissement financier ne se plie pas aux règles de l’UE sur les services financiers, les opérateurs comme les dirigeants doivent comprendre qu’ils ne resteront pas impunis et que les sanctions seront lourdes.»
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08/12/2010

La production industrielle en hausse en Allemagne

La production industrielle allemande a augmenté de 2,9% en octobre, après s'être repliée de 1% le mois précédent, selon les statistiques publiées mercredi par le ministère de l’Economie.
08/12/2010

Macquarie va lancer un quatrième fonds européen

Macquarie va lancer d’ici quelques mois un quatrième fonds européen doté de plusieurs milliards d’euros pour investir dans les infrastructures. Le groupe va lever une première tranche de manière privée, et annoncera la création du fonds une fois cette tranche levée, donc plutôt au printemps», indique Reuters.
08/12/2010

Baisse des taux islandais d'un point

La banque centrale d’Islande a réduit d’un point son taux directeur mercredi, soit bien plus que prévu. Le taux de prêt à sept jours passe ainsi de 5,50 à 4,50%.
08/12/2010

Recul du déficit commercial en France

Le déficit commercial de la France a reculé à 3,431 milliards d’euros en octobre après 4,378 milliards (révisé) le mois précédent, selon les données CVS/CJO publiées mercredi par les Douanes. Le solde de septembre a été révisé à 4,378 milliards par rapport au montant de 4,683 milliards annoncé en première estimation, il y a un mois. Sur les dix premiers mois de l’année, le déficit cumulé CVS/CJO des échanges commerciaux de la France ressort à 41,330 milliards contre 34,171 milliards pour la période correspondante de 2009.
08/12/2010

ComStage launches two ETFs on Xetra

p { margin-bottom: 0.08in; } From 7 December, two Luxembourg-registered ETFs from ComStage (Commerzbank group) based on the Portuguese PSI equities index (Euronext Lisbon) were admitted to trading on the XTF segment of the Xetra electronic trading platform (Deutsche Börse). They are the ComStage ETF PSI 20 and ComStage ETF PSI 20 Leverage.The two new products bring the number of ETFs listed on XTF to 759.CharacteristicsName: ComStage ETF PSI 20ISIN code: LU0444605215TER: 0.50%Name: ComStage ETF PSI 20 LeverageISIN code: LU0444605306TER: 0.60%
08/12/2010

1.2% returns in October for Dutch hedge funds

p { margin-bottom: 0.08in; } For the fourth consecutive month, hedge funds registered in the Netherlands have posted positive returns in October, according to Finles/IEX. They gained an average of 1.17%, which brings total returns since the beginning of the year to 3.08%. The five best performances in the first ten months of the year were by the Trade Wind Equity Fund (+24%), the QTR Fund (+20%), the HIQ Invest Market Neutral Fund (+19%), The Fonds Bloemendaal (+18%) and the Antaurus Europe Fund (+12%). IEX Profs states that from 1 December, the Finles/IEX index will also include the Gold & Discovery Fund, a commodities fund managed by Edwin Bergshoeff, Willem Middelkoop and Jan Dobber.
08/12/2010

ETF activities continue to gain ground on Euronext

p { margin-bottom: 0.08in; } As of the end of November, NYSE Euronext had 567 listings of 497 ETF funds from 16 issuers. These products replicate more than 300 indices. Euronext states that the number of ETFs has increased by 10.7% in the first eleven months of the year. 100 new ETFs have been listed, while 9 were merged into other funds, and 21 were withdrawn from trading.As of 30 November, total assets in ETFs listed on European markets of NYSE Euronext came to EUR129.1bn, which represents an increase of 28.4% compared with EUR100.5bn as of the end of November 2009.In November the average daily trading volume was EUR443.1m, compared with EUR336.3m for the corresponding month of last year.By way of comparison, the XTF segment of the Deutsche Börse as of 7 December listed a total of 759 ETFs, with an average monthly trading volume of about EUR13bn.
08/12/2010

Hedge funds earn 1.8% in October

p { margin-bottom: 0.08in; } The Lipper composite hedge fund index has posted gains of 1.80% in October, bringing performance since the beginning of the year to 5.13%. In yoy terms, growth comes to 6.13%.The long bias strategy has posted gains of 2.73% in October and 8.06% for the year, while the emerging market strategy has earned 2.28% for the month and 7.35% for January-October.
08/12/2010

HSBC Global AM tops USD100bn in emerging markets

p { margin-bottom: 0.08in; } On 7 December, HSBC Global Asset Management announced that as of the end of September, it has assets of USD103bn in emerging markets, which at the time represented about one quarter of total assets under mangaement of USD444.6bn.The asset management firm says that these USD103bn correspond to investments in the countries which make up the MSCI Global Emerging Markets index. Including funds invested in fast-growing markets such as Hong Kong and Singapore, assets under management would total USD135bn as of the end of September 2010.
08/12/2010

Lyxor index down in November

p { margin-bottom: 0.08in; } The Lyxor Hedge Fund Index lost 0.78% in November. Year to date, the index shows returns of +3.49% (as of 30 November).For the month, the alternative strategies which performed the best were: Lyxor Distressed Securities Index (+1.17%), Lyxor Fixed Income Arbitrage Index (+0.78%), and L/S Equity Long Bias Index (+0.45%).
08/12/2010

ING IM France aims for EUR5bn in assets under management

It has been a very good year for ING IM France. Net inflows at the firm, which nearly a year ago became the French arm of ING IM Europe, in the first 11 months of the year totalled about EUR350m, the director of ING IM France, Thierry Rigoulet, told Newsmanagers on 7 December. Assets under management, which as of the end of 2008 had fallen to EUR1bn, now total EUR2.7bn.The current environment is not the most promising ever, says Rigoulet. “We are in an arbitrage and replacement market, rather than an equipment market,” he says. However, the flagship funds from ING IM have still managed to make a large contribution to performance.The high dividend US equities strategy has attracted net inflows of EUR110m in France, out of total net inflows of EUR200m. With the help of positive market effects, assets in the fund have increased from EUR250m at the end of 2009 to EUR500m as of the end of November.A similar trend may be observed for emerging markets fixed income, for funds in local currencies (about EUR1bn) and hard currency (also about EUR1bn). Net inflows in France totalled over EUR200m, of which EUR150m went to funds in local currencies, and EUR70m to other funds.Rigoulet is not planning to let up when things are going so well. The objective is to increase total assets under management to EUR5bn in the next three years. With this in mind, several mandates are in the gestation phase, particularly for high yield strategies. “There are also a lot of businesses which are planning to outsource the managemement of their social liabilities,” says Rigoulet, who with the extension of the range and calls for proposals, foresees sustained activity in the early months of 2011.
08/12/2010

EDRAM adds to sales team

p { margin-bottom: 0.08in; } Edmond de Rothschild Asset Management (EDRAM) on 7 December announced that it has recruited Benjamin Durand to its sales team. Durand will be in charge of independent financial advisers, particularly in Paris and the west of France. His arrival is a part of EDRAM’s strategy to strengthen its presence in the IFA market.Durand, 29, previously worked at Gaspal Gestion (Groupe Quilvest Private Bank) in Paris, as head of sales.
08/12/2010

Wells Fargo looks to wealth management

p { margin-bottom: 0.08in; } Agefi reports that the fourth-largest US bank by asset volume, Wells Fargo, is seeking to develop its wealth management activities. This activity is “under-optimised,” says the CEO of the bank, John Stumpf. As of the end of September, Wells Fargo was the third-largest US wealth manager, with USD1.1trn in assets under management for private clients.
08/12/2010

Invesco PowerShares moves into synthetic replication

p { margin-bottom: 0.08in; } Invesco PowerShares announced on Tuesday, 7 December, that it is planning to extend its range of ETFs in Europe with the development of expertise in the area of swaps. These will allow the management firm to reproduce indices which cannot be replicated with the usual physical replication methods. As a part of this project, two physical replication ETFs based on emerging markets will be converted into synthetic replication ETFs: PowerShares Middle East North Africa NASDAQ OMX Fund (listed in France and Italy) PowerShares FTSE RAFI Emerging Markets Fund (listed in Italy, France, Germany, and Switzerland). From 5 January 2011, the two ETFs will be in a position to use derivative instruments, and will reproduce the total returns of the benchmark index solely through derivatives, which means by using over-the-counter swaps rather than directly acquiring the shares in the index, a statement says. The modifications will generate cost savings and improve the replication of the indices. As derivative instruments guarantee a total return equivalent to that of their benchmark index, the synthetic replication funds will be in a better position to post returns similar to their indices. The maximal annual management commission for each synthetic replication fund will be reduced, from 0.955 to 0.75% for the PowerShares Middle East North Africa NASDAQ OMX Fund, and from 0.85% to 0.65% for the PowerShares FTSE RAFI Emerging Markets Fund.
08/12/2010

Ignis reduces exposure to Santander

p { margin-bottom: 0.08in; } Investment Week reports that Chris Bowie, head of the British credit management firm Ignis, has announced that the firm has reduced its exposure to Santander by GBP200m due to concerns related to the potenial impact of the government debt crisis on the Spanish banking group. Ignis now has an exposure to Santander of under GBP50m, out of total exposure to Spain of GBP135m. Out of a portfolio of nearly GBP15bn, Ignis’ exposure to Ireland is GBP100m, while exposure to Portugal is only GBP10m.
08/12/2010

Pimco signs Stewardship Code

p { margin-bottom: 0.08in; } The management firm Pimco (Allianz Global Investors) has announced that it has signed the new British code of conduct known as the Stewardship Code. In a statement, Pimco explains its way of deploying the various principles of the British code. On the controversial subject of engagement, Pimco also states that as a long-term investor, it engages actively with the firms in which it holds stakes on behalf of its clients. “Our analysts and portfolio managers consider the financial implications of risks related to corporate governance as an integral part of the fundamental research process,” Pimco says.

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