Le succès de l'émission de l'Irlande lui ouvre les portes de l'OMT
Dublin qui comptait émettre 2 milliards d'euros a finalement levé 2,5 milliards d'obligations avant un retour complet sur les marchés
L'Euribor est délaissé par certaines des banques qui aident à le déterminer
Rabobank a quitté le panel de l'indice de référence début janvier. La banque néerlandaise, qui peut craindre le coût de litiges potentiels, n'est pas la seule
Le panel de l'Euribor connait des défections
Rabobank a décidé de ne plus contribuer à la fixation du taux de référence. Il n’est pas le seul établissement dans ce cas alors que les enquêtes sur les manipulations de taux et la refonte de ces derniers par les régulateurs peuvent créer un risque juridique pour les contributeurs.
Egamo double de taille grâce à un mandat de 4 milliards d'euros
L'Union mutualiste retraite devient le premier client de la société de gestion de la MGEN, et peut-être bientôt son actionnaire
La Chine multiplie les mesures pour ranimer son marché actions
Le Shanghai Stock Exchange contraint les sociétés cotées à distribuer au moins 30% de leurs résultats nets sous forme de dividendes en numéraire
L'obligataire et les actions émergentes ont tiré la croissance des ETF en 2012
Les encours des produits indiciels sont repartis à la hausse en Europe. La collecte mondiale a atteint un niveau record
L'Espagne entame son parcours du combattant
Madrid doit lever 121 milliards d'euros à moyen et long terme en 2013. Un programme semé d'embûches
L'Espagne entame son parcours du combattant
Madrid doit lever 121 milliards d'euros à moyen et long terme en 2013. Un programme semé d'embûches
Merck reconnaît un intérêt pour Bausch & Lomb
Le directeur général du groupe pharmaceutique estime qu’il «vaut la peine» de songer au rachat de la société de produits ophtalmologiques mise en vente par Warburg Pincus. Pfizer, Johnson & Johnson, Abbott et Sanofi seraient sur les rangs. En marge d’une conférence hier, le directeur général de Bausch & Lomb, Brent Saunders, a fait part de son souhait de revenir en Bourse, une solution alternative envisagée par Warburg Pincus de sources concordantes.
Aviva se sépare de Delta Lloyd
L’assureur britannique a cédé sa participation de 19,4% au capital du groupe néerlandais pour 430 millions d’euros (34 millions de titres au prix unitaire de 12,65 euros). Morgan Stanley a coordonné la constitution accélérée du livre d’ordres en lien avec Goldman Sachs et Barclays. L’offre, «plusieurs fois sursouscrite» selon Aviva, a été placée auprès de « diversinvestisseurs institutionnels».
Atlantia négocie le rachat de Gemina
La société autoroutière italienne est actuellement en discussions pour acquérir Gemina, qui contrôle la société Aeroporti di Roma (ADR) gérant les aéroports de Rome, ont déclaré à Reuters des sources proches du dossier. Le rapprochement des deux entreprises, chacune contrôlée par Sintonia, société elle-même contrôlée par la holding de la famille Benetton permettrait à ADR de déployer un projet de 2,5 milliards d’euros d’investissements pour relancer l’aéroport de Fiumicino.
L’Irlande réussit sa première émission de l’année
Dublin a placé aujourd’hui avec succès 2,5 milliards d’euros d’obligations, réalisant ainsi le quart de son objectif de 10 milliards d’euros d’emprunts fixé pour 2013, dans la perspective d’une sortie du plan de sauvetage international initié en 2010. Le lancement du plan de financement pour 2013 s’est fait via la réouverture d’une ligne obligataire d'échéance 2017 ouverte en juillet dernier. La demande a été très élevée, totalisant plus de sept milliards d’euros. Ce facteur a permis à l’agence irlandaise de la dette de ramener le taux de rendement aux environs de 3,35% au lieu des 3,45% annoncés initialement.
Vienne envisage d'émettre des obligations à 70 ans
L’Autriche pourrait établir un record cette année en émettant une obligation souveraine à 70 ans, l'échéance la plus lointaine dans l’histoire de la zone euro, encouragée par le niveau élevé de la demande lors de son adjudication de titres à 50 ans. Une nouvelle loi autorisant l’Etat à émettre de la dette à échéances allant jusqu'à 70 ans entre en vigueur cette année. L’Autriche, dont la dette est notée AAA par Moody’s et Fitch, a placé 500 millions d’euros de sa plus longue échéance.
Jérôme Cahuzac au centre d’une enquête préliminaire
Une enquête préliminaire de police visant à déterminer si le ministre du Budget Jérôme Cahuzac a ou non détenu un compte en suisse afin de dissimuler des revenus au fisc a été ouverte par le parquet de Paris, a annoncé le bureau du procureur. Cette procédure fait suite à des articles du site Mediapart lui imputant la détention de ce compte jusqu’en 2010, sur la foi d’un témoignage et d’un enregistrement sonore de ce qui est présenté comme la voix de Jérôme Cahuzac.
L’AMF et l’ACP renforcent le contrôle de la commercialisation des produits financiers
Les régulateurs dénoncent des insuffisances en matière de recueil des informations relatives à la connaissance du client.
08/01/2013
Ignis AM launches a new fund in Italy
Ignis Asset Management has rececived a sales license in Italy for its absolute return bond fund, Ignis Absolute Return Credit, Bluerating reports. The fund is managed by Chris Bowie. Ignis AM offers six other funds in Italy.
08/01/2013
Azimut targets Latin America
The Italian independent asset management firm Azimut is preparing to start up in South America, its leader, Pietro Giuliani, has told Milano Finanza. The director also says that the firm is expected to have finished the year 2012 with net profits of over USD140m, Bluerating reports.
08/01/2013
Investec recruits head of distribution from Argonaut
John Lester, who will have spent only six moths as director of distribution at Argunaut, after serving as head of strategic partnerships at Neptune Investment Management, has been recruited as a sales manager in the client group at Investec Asset Management, a strategically important group in the environment created by the introduction of RDR legislation, Fundweb reports.
08/01/2013
Patrizia Immobilien acquires Tamar Capital Group
The Munich-based Patrizia Immobilien (600 employees, EUR7.5bn in assets, of which 80% are for external clients) at the end of 2012 announed that it has acquired the British firm Tamar Capital Group (21 employees, EUR700m in assets). The transaction has yet to be approve by the FSA, and Tamar will be consolidated onto the books at Patrizia from 1st quarter 2013.
08/01/2013
Less than half of Italian fund managers beat their benchmark
45.7% of Italian-registered funds beat their benchmarks in 2012, Plus, the weekly supplement of Il Sole – 24 Ore, reports. This result is higher than in 2009, when 43% of managers did better than their benchmarks. In other years, the percentage of funds beating the index has varied from 10% to 25%. Italian-registered funds are better on their home field: 90% of managers beat the index when they are investing in the Milan stock exchange. For European equities, the percentage of winners is 26-36%. But the further away from Europe you get, the lower this number gets.
08/01/2013
Vanguard AM recruits a former iShares head
Vanguard Asset Management has recruited Axel Lomholt as head of its Europe product development and management function. He spent six years at Blackrock/BGI, where he was managing director and head of iShares product development for EMEA.Axel Lomholt will be responsible for managing the continued build-out of Vanguard’s product range and its ETF capital markets team, as well as providing technical support to the company’s client-facing functions. He will join the Vanguard Europe management team, will be based in London, and will report to managing director Tom Rampulla.Vanguard recently launched its first suite of European domiciled exchange traded funds (ETFs), which have garnered assets of roughly GBP170 million since launch. The pan-European business serves retail, IFA and institutional investors including pension schemes, insurance companies, multi-managers, funds-of-funds and sovereign wealth funds. Vanguard’s European headquarters are in London, with regional offices in Zurich, Paris and Amsterdam.
08/01/2013
Standard Life Investments recruits in Asia
The British asset management firm Standard Life Investments (SLI) is building its presence in Asia, with the recruitment of Allen Wang to direct institutional sales in Asia, Asian Investor reports. Wang previously spent 13 years at BlackRock, most recently as head of institutional activities in Taiwan and China. SLI is also seeking a head of wholesale activities for the region. Assets under management at SLI total about USD261bn, of which only USD1bn to USD2bn come from the Asia-Pacific region.
08/01/2013
Old Mutual hopes to double assets
Julian Ide, CEO of Old Mutual Global Investors, is hoping to double assets under management by the group from GBP13bn currently within three years, Financial Times Fund Management reports. The asset management is in the process of rebranding, after abandoning the name Skandia. As a part of this move, the firm has recruited 21 managers in the past three months. Additional recruitments of fund managers are expected.
08/01/2013
Schroders Property IM holds a real estate closing at EUR225m
Schroders Property Investment Management (SPrIM) has announced the first close of a Schroder Core European Property Fund specifically designed for Swiss tax exempt pension schemes. The fund closed on 21 December 2012 at EUR225 million. It is expected to double in size before a second close later this year. SPrIM is the Investment Manager, the fund was launched in partnership with Zurich Investment Foundation.
08/01/2013
amLeague: market rally works to the advantage of active management
The behaviour of the financial markets in December will once again benefit active management. More precisely, asset management firms whose portfolios are most exposed to the markets have earned the highest returns. Within the euro zone equity mandate, six companies performed better than the benchmark Eurostoxx Net Return (2.44%): the first three of these, ING IM, Mandarine Gestion and Invesco AM have betas higher than 1 for the past three months. Their respective gains are 4.49%, 3.76% and 3.74%. The choice of shares also played a role, particularly in the portfolios of Mandarine Gestion and AllianceBernstein (3.35%).History is repeating itself in the area of Europe equity mandates: In the eight portfolios from 20 rivals which outperformed the Stoxx 600 Net Return (1.48%), the top three – Bestinver (4.69%), Mandarine Gestion (3.67%) and AllianceBernstein (2.24%) - do not all have a beta of higher than 1 for the past three months. However, stock-picking did have a predominant role, particularly at Bestinver.For competitors for the Global Equities prize, in which seven asset management firms out of 13 outperformed the Stoxx 1800 Net Return (0.60%), the results were slightly different: of the top three, AllianceBernstein is the only firm whose portfolio has posted both an overexposure to the equity markets for the past three months and a largely positive pick of stocks. The next two, Ecofi Investissements and Petercam, with gains of 1.48% and 1.21%, respectively, stand out with low beta but a positive stock pick.
08/01/2013
AMAC welcomes 25 new members
In December, the Chinese securities commission (CSRC) authorised insurers, private equity companies and brokerage firms to become active in the management of investment funds. As a result, Asian Investor reports, the Asset Management Association of China (AMAC) has opened to members in these three categories, and has accepted 25 new members, as membership in the association is a requirement for receiving a license to offer funds.Among the new members are PICC Asset Management, the asset management arm of the People’s Insurance Company, Ping An Russell Investment Management, Fidelity (Hong Kong), HSBC (China) and UBS Global Asset Management (Singapore and China).
08/01/2013
Global ETP assets up 27.6% in 2012
As of the end of 2012, assets under management in ETF and other ETPs worldwide totalled a new all-time record of USD1.95trn, compared with USD1.53trn twelve months earlier, which represents an increase of 27.6% in one year, ETFGI reports. The top three players in the sector as of the end of December had asses representing 68.9% of the total, of which USD760bn were at iShares (BlackRock), USD337bn at SPDR ETF (State Street Global Advisors, or SSgA), and USD246bn for Vanguard. In other terms, the other 205 providers of ETPs have market shares of under 4% each.In terms of flows, the top three firms attracted about USD179.5bn in 2012, or 67.6% of total net subscriptions of USD265.3bn (compared with USD170.1bn in 2011). iShares led with USD87bn, followed by Vanguard (USD54.2bn) and SPDR ETF with USD38.3bn. Equity ETF and ETP funds posted net inflows of USD167.3bn, while fixed income products totalled USD62.9bn, and commodities brought in USD23.1bn.The top three index providers last year were S&P Dow Jones, with 1,103 products and total assets of USD481.9bn, which attracted USD59.9bn in net subscriptions, MSCI (572 products, USD405.4bn in assets under management and USD56.9bn in net subscriptions) and Barclays Capital (185 products, USD180.7bn in assets).
08/01/2013
GIC to get a new chief investment officer in February
Lim Chow Kiat, deputy shop chief investment officer, will be promoted to group CIO of the Government of Singapore Investment Corporation (GIC) sovereign wealth fund, replacing Ng Kok Song, who will be retiring after 42 years as manager of the currency reserves of the city-state, on 1 February 2013. He had been group CIO since 2007.The new group CIO ill retain his responsibilities as chairman of GIC Asset Management until further notice.
08/01/2013
Three new members of AFG
The French financial management association AFG has announced in the most recent issue of its newsletter Gestion Info (December 2012, no. 7) that three firms have joined the professional association. They are Gemways Assets, Generali Investments Opéra and Tikehau Investment Management. The law firm Taj is joining the association as a corresponding member.
08/01/2013
BofA pays USD11.6bn to settle a lawsuit by Fannie Mae
Fannie Mae on January 7 announced a comprehensive resolution with Bank of America, including a USD10.3 billion agreement on existing and prospective repurchase requests on a specified population of loans and an additional payment of USD1.3 billion to address servicing issues. The agreement covers current and future repurchase obligations related to loans with an outstanding unpaid principal balance of USD297 billion as of November 30, 2012 that were originated between January 1, 2000 and December 31, 2008. As part of the agreement, Bank of America will make a cash payment to Fannie Mae of USD3.55 billion. In addition, Bank of America will repurchase approximately 30,000 loans, which have the potential to cause significant future losses to Fannie Mae, paying par plus accrued interest, for an additional approximately USD6.75 billion, subject to certain adjustments. As a result of this resolution, the amount of Fannie Mae’s outstanding repurchase requests will decrease substantially in the first quarter of 2013.