L'emploi américain redonne des signes de fatigue
Les créations d'emplois nettement inférieures aux attentes et la hausse du taux de chômage témoignent de la faiblesse de la reprise
Bruxelles boucle son second texte en deux ans sur les agences de notation
Les agences héritent d'une Autorité européenne des marchés comme superviseur. La Commission a relancé une consultation pour aller plus loin
La Compagnie Financière Tradition acquiert 30 % de CM Capital Markets Holding
La Compagnie Financière Tradition ( CFT ) et CM Capital Markets Holding ( CMH ) ainsi que ses dirigeants, ont convenu d’acquérir respectivement 30 % et 15,2% du capital de CMH auprès de The Royal Bank of Scotland NV, anciennement ABN AMRO Bank NV. RBS NV, qui était actionnaire minoritaire de CMH depuis 1990 aux côtés des fondateurs, de la direction, et des salariés de CMH, en cédant les 45,2% qu’elle détient aujourd’hui dans CMH, se désengage ainsi totalement de la société.
La crise actuelle n’est pas une crise de l’euro, estime Jean-Claude Trichet
« L’euro est une monnaie crédible, l’euro a conservé sa valeur exprimée en terme de pouvoir d’achat mieux qu’aucune monnaie européenne créatrice de l’euro au cours des 50 dernières années», a déclaré ce vendredi Jean-Claude Trichet, le président de la Banque centrale européenne, au cours d’une conférence de presse à l’European American Press Club à Paris. «Nous avons en ce moment un problème qui n’est pas un problème de la monnaie unique, mais qui est un problème de politiques budgétaires qui n’ont pas été correctes en dépit des règles qui auraient dû être suivies. C’est cela qu’il faut corriger et c’est cela qui sera corrigé», a-t-il ajouté. Par ailleurs, il s’est refusé à dire si la banque centrale avait acheté des obligations d’Etat irlandaises et portugaises ces dernières heures pour soutenir le marché obligataire.
L'Allemagne et la France portent les services dans la zone euro
Le secteur des services a progressé en novembre dans la zone euro à la faveur de la croissance observée en Allemagne avec un indice PMI à 59,2 contre 56, et, dans une moindre mesure, en France ( 55 contre 54,8), mais l’activité n’est pas parvenue à décoller en Irlande ou en Espagne qui peinent à émerger de la crise. L’indice PMI est ressorti à 55,4 contre 55,2 en octobre.
La Buba anticipe une croissance de 3,6% en 2010
La Bundesbank anticipe désormais une croissance de 3,6% du PIB allemand en 2010, contre 3% prévu auparavant, mais cette dernière devrait diminuer progressivement au cours des deux années suivantes. Elle devrait ressortir à 2,0% en 2011 puis à 1,5% en 2012. Elle prédit en outre une inflation à 1,1% en 2010, à 1,7% en 2011 et à 1,6% en 2012.
Hausse plus marquée que prévu de ventes au détail dans la zone euro
Les ventes au détail ont augmenté plus que prévu en octobre dans la zone euro, après deux mois consécutifs de contraction. Eurostat a annoncé que les ventes avaient augmenté de 0,5% d’un mois sur l’autre. C’est l’Allemagne qui a porté les ventes européennes, avec une hausse de 2,3% par rapport à septembre. En France, les ventes ont baissé de 0,1%.
S&P place les banques portugaises sous surveillance négative
L’agence de notation Standard & Poor’s a annoncé placer l’ensemble des banques portugaises sous surveillance à implication négative (notamment leur dette et leurs instruments hybrides, mais par leurs obligations sécurisées). «Cette surveillance reflète un abaissement potentiel de la note de la dette souveraine et son impact indirect sur la solvabilité des banques.» L’agence rappelle qu’il y a quelques jours, elle avait «placé la note de la dette à long terme A- et à court terme A-2 de la République du Portugal sous surveillance à implications négative».
03/12/2010
Pimco Europe alone accounts for 86.5% of inflows to German funds
p { margin-bottom: 0.08in; } In January-October, open-ended securities funds attracted a net total of EUR19.62bn, according to statistics from the German BVI association of asset management firms. This result is far better than in 2009, when the first ten months of the year saw net outflows of EUR3.24bn.However, outside the Allianz Global Investors (AGI) group, BlackRock, the Deutsche Bank galaxy and Universal-Investment, results at the major management firms remain somewhat perfectible. AGI netted EUR14.2bn thanks to its Pimco Europe arm, which had net inflows of EUR16.97bn.At BlackRock, thanks to the iShares ETF products, net subscriptions totalled EUR1.18bn, while at the Deutsche Bank group, db x-trackers ETFs (EUR5.35bn) allowed the group to post net inflows of EUR2.96bn.At Universal-Investment, the fund administration specialist, net subscriptions totalled EUR2.02bn.However, ETFs from ComStage saw net outflows of EUR10.4m, while the Deka group has seen outflows of EUR5.38bn, in addition to which come EUR363m in outflows from its affiliate ETFlab, and Union Investment has seen net redemptions of EUR2.67bn.
03/12/2010
Net inflows to funds more than doubled in annualised terms in January-October
p { margin-bottom: 0.08in; } In October, German funds posted net subscriptions of EUR9.7bn; institutional funds attracted EUR8.1bn, and open-ended funds attracted EUR2.8bn, while a net EUR1.2bn left mandates, according to the most recent statistics from the BVI association of management firms.As of the end of October, total assets were EUR1.82502trn, compared with EUR1.81001trn as of the end of September, and EUR1.67241trn one year previously, of which EUR809.29bn were for institutional funds, EUR696.69bn for open-ended funds, and EUR319.04bn for mandates.In the first ten months of the year, net inflows totalled EUR72.07bn, of which EUR21.64bn were for open-ended funds, compared with EUR33.89bn and net outflows of EUR727.4m in January-October 2009.Net outflows from money market funds fell to EUR11.9bn, compared with EUR24.66bn, and bond funds saw inflows of EUR12.32bn, compared with net outflows of EUR1.4bn. However, diversified funds attracted EUR13.04bn, compared with EUR3.32bn.
03/12/2010
AXA research fund grants fist financing in Asia
p { margin-bottom: 0.08in; } The AXA fund for research announced on 2 December that it has granted EUR517,000 in support (slightly over SGD900,000) for three years to the National University of Singapore (NUS) for a research project on the “biology of decision-making in risk conditions.” The grant is the first support by the AXA fund for research at an Asian university. AXA explains in a statement that the research project aims to better understand the biological mechanisms which cause differences in behaviour between individuals when they are confronted with risk, using methods drawm from behavioural and experimental economics as well as the biological sciences. The study will establish quantitative phenotypes which may represent a significant advance in the understanding of the molecular architecture of human decision-making in an uncertain environment. The project will be led by professors Richard P. Ebstein and Soo Hong Chew, of the departments of Psychology and Economy at NUS. The AXA research fund, founded in 2008, supports research to foster comprehension and prevention of risks to the environment, human life and human societies. It is a major and innovative initiative for scientific research in Europe, with a five-year budget of EUR100m. As of 29 October 2010, it had pledged EUR42m, and awarded financing to 192 research projects, undertaken in 17 countries by researchers of 39 different nationalities.
03/12/2010
Invesco Paris multi-management privileges equities
p { margin-bottom: 0.08in; } “Currently, our portfolios are on average 60% allocated to equities funds,” said Bernard Aybran, director of multi-management at Invesco Asset Management, in Paris on Thursday. In this environment, he privileges US equities products, but only Nasdaq, and only IT products. The manager is also overweight in European equities, an asset class which has been unfairly neglected for ten years, and which is currently the world’s most inexpensive, as well as emerging markets equities (Asia, Russia) “with a more thematic than geographical angle.”Exposure to bonds is at about 30%, of which 5 percent goes to emerging markets, with a preference for debt in euros under active management, corporate bonds, and high yield.The remainder, about 10%, is held in cash, and Invesco AM Paris does not invest in hedge funds.
03/12/2010
Oddo & Cie to integrate Robeco bank without layoffs
Oddo & Cie confirmed on December 2 that it is in exclusive talks to acquire Banque Robeco in France. Following the acquisition of Banque d’Orsay (see Newsmanagers of 31/08/2010), this deal confirms the ambitions in private banking of the establishment headquartered at 12 boulevard Madeleine in Paris.A statement says that the operation comes as part of a growth strategy for private banking and back-office activities for life insurance products, where all of the current employees of Banque Robeco will be expected to find a place and fully contribute to the dynamic of the new entity. The 77 employees of Banque Robeco, including those responsible for support and back-office functions, will join Oddo & Cie to maintain this growth dynamic. The management of Oddo & Cie is planning to continue as it had done with the teams at Banque d’Orsay, which will lead to recruitments. Michel Maillard, chairman of the board at Banque Robeco, is also expected to find a place in the partnership and the firm’s new project.The deal, which may take place in first quarter 2011, pending approval from investment partners and authorisation from the relevant supervisory authorities, would allow Oddo & Cie access to assets under management at Banque Robeco estimated at EUR1.3bn. These come in addition to EUR3.7bn at Oddo Banque Privée. With the addition of assets under management at Oddo Asset Management, the group manages over EUR21bn.
03/12/2010
Laurence Mounier takes over as director of retirement activities at Mercer
p { margin-bottom: 0.08in; } Mercer announced on 2 December that it has appointed Laurence Mounier, 43, as director of retirement activities for Mercer in France. She also joins the executive board. Before joining Mercer, Laurence Mounier had been director of retirement planning products at BNP Paribas Assurance since January 2009, and led a team of actuaries, lawyers and project heads.
03/12/2010
Approval for first Chinese investment fund dedicated to gold
p { margin-bottom: 0.08in; } The Chinese firm Lion Fund Management Co has received permission from SAFE (State Administration of Foreign Exchange) and the market regulatory commission to launch the first Chinese fund investing in gold, Agefi reports. With the status of Qualified Domestic Institutional Investor (QDII), the fund will allow local investors access to foreign markets. Lion Fund Management will raise up to USD500m to invest in foreign ETFs based on the precious metal, the newspaper reports.
03/12/2010
Union Investment discontinues sales of closed funds
p { margin-bottom: 0.08in; } The management firms Doric Asset Finance and Nordcapital have announced the creation of a 50/50 joint venture entitled PVA Pacta Vermögens-Anlage GmbH (Pacta). The joint venture, based in Frankfurt, will on 1 January 2011 take over the major activities of GVA GENO-Vermögens-Anlage-Gesellschaft mbH (GVA), which since 1994 has offered over 100 closed funds with assets of over EUR3bn on the co-operative banks and Raiffeisen networks. The value of the transaction was not disclosed. In other terms, Union Investment is abandoning this activity, which is becoming too risky in regulatory terms and demanding too much regulatory capital. Most staff at GVA will move to Pacta, whose two heads will be Rolf Glück, current CEO of GVA, and Andreas Mense, director of distribution at GVA.
03/12/2010
Generali sells majority stake in Gotam
p { margin-bottom: 0.08in; } BSI, the wealth management bank based in Lugano controlled by Generali, will sell 51% of its capital in the asset management firm Gotam SGR to the Italian firm Investimenti e Sviluppo for a maximal total of EUR1.05bn. Gotam, founded in 2002, manages two hedge funds, and has been granted a license to launch two more (one fund of funds and one single fund). Its assets as of the end of October totalled EUR19.3m, while its capital is EUR2.05bn. The acquisition of the firm allows BSI to extend its range of funds with alternative strategies.
03/12/2010
Sarasin strengthens private banking presence in central Switzerland
p { margin-bottom: 0.08in; } In January 2011, Markus Koch will join the Banque Sarasin (Rabobank group) and will assemble a private banking team to oversee the acquisition of and services to new clients in central Switzerland.Banque Sarasin is then planning to open a branch in Lucerne towards the middle of next year, which will be led by Koch.Koch joins from UBS, where he is director and regional head for central Switzerland; he is in charge of the private, institutional and business client departments as well as wealth management at the 19 brannches of the bank in the cantons of Lucerne, Obwald, Nidwald, Uri, Schwyz and Zug.
03/12/2010
Fed lent billions to hedge funds during the crisis
The US Federal Reserve lent billions of dollars to hedge funds during the financial crisis, the Financial Times wrote.According to data released by the central bank, USD71bn of loans were made through its term asset-backed securities loan facility (Talf) mostly to non-bank institutions. Among the biggest borrowers were hedge funds managed by FrontPoint Partners, Magnetar and One William Street Capital, adds the FT.
03/12/2010
Madoff: JP Morgan sued for USD6.4bn
JPMorgan Chase is being sued for USD6.4bn by Irving Picard, the trustee of Bernard Madoff’s investment firm, according to Les Echos. The US bank is accused of being Madoff’s primary banker. «JPMorgan was wilfully blind to the fraud, even after learning about numerous red flags surrounding Madoff,” one of the trustee’s attorney said in a statement.The bank called these allegations “irresponsible and over-reaching”.
03/12/2010
Insider trading on health sector mergers: hedge funds face questioning
p { margin-bottom: 0.08in; } The Wall Street Journal reports that several hedge funds involved in an investigation by Federal authorities into potential insider trading made large bets on health sector equities. SAC Capital Advisors, Diamondback Capital Management, Jana Partners, Balyasny Asset Management and Citadel made significant increases to their investments in companies involved in mergers and acquisitions, and shares which posed strong increases at the time of these transactions. The mergers included the acquisition of MedImmune by Astra Zeneca in 2007, and in 2009, the acquisitions of Schering-Plough by Merck, and Wyeth by Pfizer. However, the newspaper reports, SEC filings did not make it possible to know with precision if the shares concerned were acquired before or after the announcement of these deals. The US federal authorities are planning to bring some charges that could involve consultants, investment banks, hedge fund and mutual fund traders, and analysts. Another arm of the investigation will determine to what extent Goldman Sachs and other banks may have provided information about the mergers and acquisitions under preparation in the health sector, in ways that benefited some investors.
03/12/2010
Deka Immobilien acquires a shopping centre in Bilbao region
p { margin-bottom: 0.08in; } For EUR116m, the German real estate management firm Deka Immobilien has acquired the Ballonti shopping centre (53,000 square metres), located in Portugalete, northwest of Bilbao, from the retail group Eroski. The centre is nearly entirely leased to Eroski, Primark and C&A: it will be added to the portfolio of the open-ended real estate fund WestInvest InterSelect.
03/12/2010
BP2S wins a mandate from three British pension funds from Atos
p { margin-bottom: 0.08in; } BNP Paribas Securities Services (BP2S) on 2 December announced that it has received a mandate to provide global custody and valuation for three British pension funds from ATOS Origin, with assets of GBP685m. “This mandate represents a major step for BNP Paribas Securities Services’ activities in the United Kingdom, as it is the first pension fund with with the bank will work directly,” BP2S says in a statement.
03/12/2010
Feri predicts expansion in fund product ranges
p { margin-bottom: 0.08in; } On the basis of a survey of 56 asset management firms, Feri EuroRatings Services has found that more than half of actors are planning to expand their product ranges next year; they also estimate that the same will be the case for the sector as a whole. Meanwhile, many asset management firms surveyed are expecting the number of promoters to shrink in 2011. Over 40% of the providers specialised in equities, bonds, diversified funds and hedge funds are planning to strongly expand their product ranges, while nearly 50% are planning to maintain them unchanged at least.In terms of major trends for next year, a large majority of heads surveyed predict that there is good to very good potential for products focused on slightly less conservative asset classes. In general, the survey finds that promoters are expecting a return of propensity to risk on the part of investors, and are particularly expecting a continued rally on equities markets.More than 85% of managers surveyed expect net inflows to increase for equities and absolute return products. For bonds, 63% of specialists are predicting good to very good prospects for inflows, while 94% predict poor to very poor inflows for money market funds.
03/12/2010
BlackRock launches an income equities fund
p { margin-bottom: 0.08in; } BlackRock on 2 November launched the BGF Global Equity Income Fund (LU0545039389), a fund of “high quality” equities from throughout the world that offer higher-than-average growth outlooks in addition to financial stability and a sustainable business model. The product, with 50 to 70 positions, is managed by Richard Turnill, head of the global large caps team, and Stuart Reeve, a member of the team focused on high dividend yielding shares. The objective is to achieve 150% of the dividend return of the companies of the MSCI All Countries World index, Fondsprofessionell reports. Positions will be maintained for an average of three to five years.
03/12/2010
Deka invests in Melbourne
p { margin-bottom: 0.08in; } The German management firm Deka Immobilien has acquired the office property South Wharf Office in Melbourne (20,800 square metres) for about EUR85m, from Austexx Plenary Tower Pty Ltd. The property will be added to the open-ended real estate fund Deka-ImmobilienGlobal. It is the fourth investment by Deka Immobilien in Australia since 2008.
03/12/2010
High net worth clients expatriating assets
p { margin-bottom: 0.08in; } According to financial industry sources contacted by Expansión, Spanish high net worth individuals in the past few weeks have accelerated their transfers to foreign countries, especially Luxembourg, due to concerns that the sovereign debt crisis may trigger problems in Spain. It is estimates that about EUR5bn have left the country, out of total assets of EUR30bn. The Bank of Spain is not concerned insofar as this movement for the moment does not appear to be affecting accounts with EUR0.5m to EUR5m.
03/12/2010
UK inflows stabilise in October
p { margin-bottom: 0.08in; } Net inflows to British funds in October totalled GBP2bn, slightly less than the monthly average for the past twelve months, according to the most recent statistics from the British investment management association (IMA). In the first ten months of the year, net inflows totalled GBP20bn, compared with GBP21.3bn in the corresponding period of 2009. Net inflows to emerging markets last month reached a record total of GBP336m, the professional organisation reports, followed by absolute return strategies (GBP283m) and international bonds (GBP262m). For the fourth consecutive month, bonds were the asset class in highest demand, with net inflows of GBP809m in October, compared with GBP914m one month earlier. Assets under management as of the end of October totalled GBP557bn, compared with GBP459.2bn one year previously. The association also reports that for the first time, assets under administration on the five largest platforms topped GBP100bn, at GBP100.3bn.
03/12/2010
Turcan Connell launches an absolute return fund
p { margin-bottom: 0.08in; } The investment and consulting firm Turcan Connell has launched an absolute return fund, the third of its kind, Hedgeweek reports. “We have launched an Absolute Return Fund to respond to demand from our clients seeking an investment that ensures stable inflation-indexed returns without exposure to risk and volatility on traditional financial markets,” says chief financial officer Haig Bathgate. The objective of the fund is to produce returns of about 6% to 8% per year, regardless of market conditions.
03/12/2010
Threadneedle launches a third extended alpha fund
p { margin-bottom: 0.08in; } On 2 December, Threadneedle announced the launch of the Threadneedle UK Extended Alpha Fund, managed by Chris Kinder and Simon Haines. It is a UCITS-compliant product which aims to outperform the FTSE All Share index by using the strategy developed for the Threadneedle American Extended Alpha Fund and the Threadneedle Global Extended Alpha Fund, with total net exposure to the market of 90% to 105%, and a maximum of 150% long and 50% short. It is a UCITS III-compliant version of the Threadneedle UK Accelerando Fund. The portfolio will be focused on 40 to 50 long positions and thus up to 20-25 short positions, with constant attention to diversification by sector and cap size, with stock-picking the major contributor to outperformance.