The Wall Street Journal reports that at the request of Morgan Stanley and Citigroup, Perella Weinberg Partners will postpone until 10 September, rather than this week its verdict on the evaluation of the additional 14% stake in Morgan Stanley Smith Barney which Morgan Stanley is seeking to acquire in the joint venture. Estimates differ: Citigroup values Smith Barney wealth management operation at USD22bn, while Morgan Stanley values it at only USD9bn. Morgan Stanley already controls 51% of Smith Barney.

The French boutique Tocqueville Finance has confirmed the recruitment of Anne-France Gauthier in July. The new recruit had previously served as head of Key Account and Private Banking partnerships at Skandia, and previously as head of distribution for France at Métropole Gestion, from January 2008 to May 2010.Gauthier’s arrival, in a postion which has not been fully disclosed, comes at a time when Benjamin Biard, former head of distribution at Tocqueville Finance, left the firm in February, and François l’Hénoret, former head of partner relations (France) left in June.

Ping An Insurance, one of the largest insurance companies in China, will be one of the first to take advantage of a new law authorising insurers to employ external asset managers, Financial News reports, citing Z-Ben Advisors. Requests for proposals have been announced to this end. Ping An has a portfolio of about EUR123bn.

Assets under management at Piguet Galland & Cie, the new private banking unit of the Banque Cantonale Vaudoise (BCV), remained stable in first half 2012 at CHF7.6bn, Agefi Switzerland reports. Piguet Galland earned consolidated net profits in first half of CHF8.3m, on earnings of CHF35.2m, down 2.6%. Between January and June, gross profits rose 6% compared with the same period of the previous year, from CHF6.3m to CHF6.7m. This increase is largely due to a reduction in operating costs due to a merger of Banque Piguet and Franck Galland, announced by BCV in late 2010.

Handelsblatt relays reports in Bloomberg citing John Gilbert, head strategist for the British General Re-New England Asset Management, a company of the Warren Buffett empire, as claiming that French government bonds are not better value than Spanish or Italian ones. France is clearly overvalued, he says in a letter to his clients, and OATs should be paying 4.5% to 5%. Businesses in the country have become less competitive in the past decade, and personnel costs are higher in France than Germany.Buffett also last month told CNBC that he had reduced his exposure to Spanish, Italian and French bonds two years ago. Jamie Stuttard, CIO fixed income at Fidelity in London, says that French fundamentals provide no support for bonds: unemployment is rising, while budget and payments deficits are increasing.Nicholas Spiro, of Spiro Sovereign Strategy in London, says the problem is that François Hollande is hesitating. He has manoeuvered himself into a political impasse, and the only thing that will make him announce significant reforms will be market pressure.

Assets under management by the top 100 alternative investment managers have reached over USD3trn, with a total of about USD3.136trn as of the end of 2011, according to a Towers Watson investigation undertaken in partnership with the Financial Times, Global Alternatives Survey, which also includes private equity and hedge funds.Among the top 100 managers, real estate management firms hold the largest share of assets (35%), followed by private equity managers (22%), hedge funds (21%), private equity funds of funds (9%), funds of hedge funds (6%), infrastructure (4%), and commodities (3%).More generally, data also shows that total global alternative assets now total USD4.9trn, distributed over various asset classes in similar proportions to those observed for the top 100 asset managers, excepting real estate, which falls to 28%, and funds of funds, which increase to 9% of the total.Assets in pension funds represent 33% of total assets under management by the top 100 asset managers, followed by insurers, sovereign funds and foundations. According to Thierry de la Noue, head of the Investments department at Towers Watson France. “The current global economic crisis has led all types of institutional investors to investment or diversified placement portfolios. Allocations to alternative assets in particular now represent nearly 20% of all assets in international retirement funds, compared with 5% 15 years ago.”De la Noue adds that “retirement funds that carry a pension liability have always been and still remain the central clientele for alternative asset management firms. However, demand from other types of very long-term investors such as sovereign funds will continue to increase in the future.”North America remains the primary destination for alternative management (48%), excepting infrastructure, which is doing well in Europe. More generally, one third of assets are invested in Europe, one tenth in Asia-Pacitic, and 5% in the rest of the world.De la Noue estimates that “the current economic uncertainty will likely encourage investors to hold on equities such as growth shares, and to use alternative investments more. If we think that such an effort at diversification is worth the trouble, investors still need to be prudent in their choice of the most effective investment vehicles, while taking into account the most economic means to improve the effectiveness of investments, such as the use of “Smart Beta,” for example.”No French company places in the rankings of the top 10 (see below). AXA Real Estate is in eleventh place, with assets under management of USD54.54bn. rank Manager Cdomicile Total assets under management (millions of USD) Asset class 1 CBRE Global Investors United States 94.100 Real Estate 2 The Carlyle Group* United States 90.741 Private equity 3 Macquarie Group Australia 88.665 Infrastructure 4 Brookfield Asset Management Canada 84.346 Real Estate 5 Goldman, Sachs & Co. United States 78.000 Private equity 6 BlackRock United Kingdom 77.335 Consumer products 7 Bridgewater Associates United States 76.100 Speculative funds 8 UBS Global Asset Management United Kingdom 59.971 Real Estate 9 RREEF Alternatives Germany 57.419 Real Estate 10 Morgan Stanley United States 56.391 Real Estate

What is the favourite sector for sovereign funds in the mid- to long-term? Between 2005 and 2011, sovereign funds have invested primarily in the finance sector, according to statistics from the SWF Institute. In this period, investments by sovereign funds in finance sector shares totalled USD164.91bn. It is followed by real estate, with a total of USD54.49bn, and then energy, infrastructure and utilities. The least popular sectors were health and IT.

The financial ratings agency Moody’s on 29 August announced that it has lowered its long-term credit rating for 3i Group from Baa1 to Baa2, with a stable outlook. Moody’s explains in a statement that several factors contributed to this decision, including pressure on revenues for the group in a difficult environment in Europe, where 3i retains 76% of its investment portfolio as of the end of March 2012, and uncertainties about the ability of the group to generate cash flow now that it has moves its strategy toward asset management.

The wealth management firm Dynapartners is building its presence in the luxuries sector with the recruitment of a former Clariden Leu manager, Makiko Zürcher-Hosaka, who will begin on 1 October, the news agency finews reports. The luxuries specialist will be responsible for investments in the sector. Dynapartners is also planning to launch a fund dedicated to luxuries by the end of the year. Dynapartners has also engaged the British James Ogilvy as independent adviser from 1 September. Ogilvy, founder of the magazine “Luxury Briefing,” is one of the top international consultants in the luxury sector.

Das Investment reports that Frankfurt-based MainFirst Asset Management has announced plans to recruit three teams as additions to its European corporate bond, emerging market bond and multi-asset class personnel.It is recruiting Frank Schwartz, Adrian Daniel and Patrick Vogel from Deutsche Asset Management, to begin at the start of September on its new multi-strategy/absolute return team.The emerging markets team will be led by Cornel Bruhin and Dorothea Fröhlich, who join from Clariden Leu.Four recruitments are planned for the European corporate bond team, but their identities have not yet been disclosed.

Due to market turbulence, the fund management firm for the German savings banks, DekaBank is predicting difficulties in second half 2012. As a precaution, Handelsblatt reports, Deka has set aside EUR80m to cover potential depreciations or a modification to its ratings. But Oliver Behrens, interim chairman of the managing board, is confident: he says economic profit at Deka will be higher in 2012 overall than 2011 (when it fell 58.6% to EUR383.1m, ed).

In first half 2012, DekaBank, the central asset management firm for the German savings banks, has announced an “economic profit” (pre-tax profits according to IFRS accounting standards, plus the results of a valuation of financial instruments) of EUR313.8m, compared with EUR336.6m in the corresponding period of last year.As of 30 June, assets were down 0.8% compared with the end of December, at EUR149.8bn, compared with EUR151bn.Real estate funds from Deka posted net subscriptions of EUR1.1bn, compared with EUR0.3bn in January-June 2011, while securities funds had undergone net outflows of EUR3.2bn, compared with EUR3.6bn. In total, the firm has posted net redemptions of EUR2.109bn in first half, compared with EUR3.311bn in January-June 2011.

The German firm Feri EuroRating Services is planning to create a “structured finance & covered bond rating” unit, which will be dedicated to ratings of structured collateralised bonds and covered bonds. The new operation will be led by Gerald Dorsch, who has been recruited from Deutsche Postbank in Frankfurt, where he had been head of portfolio transactions in the area of liquidity and capital management, as well as ratings and reporting on Pfandbriefe.

The bank owned by the royal family of Liechtenstein, LGT Group, has declared a net profit for first half of CHF129.8m, which represents a 58.1% increase over the corresponding period of last year. The cost-income ratio improved to 65% from 75% (excluding charges related to the sale of LGT Bank Deutschland) last year.As of 30 June, total assets were CHF94.7bn, compared with CHF86.8bn as of the end of December (+9%), largely due to net inflows of CHF5.5bn, which represents an annualised increase of 13%.

In January 2012, Principal Global Investors received a Qualified Foreign Institutional Investor (QFII) license from the Chinese securities commission (CSRC). Now, Z-Ben Advisors reports, the US asset management firm has received a QFII quota from the State Agency of Foreign Exchange (SAFE) of USD150m.Principal has already opened an office in Beijing, and its QFII investment team will be based in Hong Kong. Its Chinese joint venture, CCB-Principal Asset Management Co Ltd, has been retained as a consultant, but will not participate in the investment decision process.

Selon nos informations, la Coface pour compte propre a lancé un appel d’offres avec le soutien de bfinance pour intégrer et centraliser sa gestion d’actifs. La société de gestion retenue devra héberger des fonds sélectionnés et gérés en externe, dans le cadre d’une solution multi-managers pour un encours global de 2 milliards d’euros.

Le niveau d'émission ressort à 57 pb pour ce placement de 3 milliards d'euros d'obligations à 10 ans

Selon une proposition faite par l’autorité américaine des marchés financiers, les hedge funds pourraient être autorisés à mener de vastes campagnes de publicité plutôt que de devoir démarcher les investisseurs particuliers derrière des portes closes. La proposition soumise à consultation prévoit une communication vis-à-vis d’un large public mais les investisseurs éligibles devront répondre à certains critères (au moins 1 million de dollars d’actifs, hors résidence principale, ou un salaire annuel de plus de 200.000 dollars).

Les stocks américains de pétrole brut ont enregistré la semaine dernière une hausse inattendue, montrent les données de l’Agence américaine d’information sur l'énergie (EIA). Les stocks de brut ont augmenté de 3,78 millions de barils à 364,52 millions alors que les économistes attendaient en moyenne une baisse de 1,5 million de barils. Les stocks d’essence ont parallèlement diminué de 1,51 millions de barils, soit 110.000 barils de plus que prévu.

Les promesses de ventes aux Etats-Unis ont progressé plus fortement que prévu immobilières le mois dernier, selon les chiffres de l’Association nationale des agents immobiliers (NAR). L’indice des promesses de ventes calculé par l’association a progressé de 2,4% en juillet par rapport au mois de juin, à 101,7, son plus haut niveau depuis avril 2010. Le marché l’attendait en hausse de 1,0%, après une baisse de 1,4% en juin (inchangé par rapport à la première estimation).

Les dirigeants européens doivent améliorer la coordination avec Bruxelles et la Banque centrale européenne au cours des prochains mois pour faire face à un avenir incertain, a déclaré aujourd’hui la chancelière allemande, Angela Merkel, à l’issue d’une rencontre avec le Premier ministre italien, Mario Monti, à Berlin. Elle a ajouté que les dirigeants européens disposaient à ses yeux «des moyens nécessaires pour renforcer et stabiliser la zone euro». Angela Merkel a enfin jugé que l’octroi d’une licence bancaire au MES (Mécanisme européen de Stabilité) serait incompatible avec les traités européens.

Selon les chiffres du département du Commerce, le produit intérieur brut des Etats-Unis a augmenté de 1,7% en rythme annualisé sur le trimestre avril-juin. Une première estimation fin juillet l’avait donné à 1,5% et le panel Reuters prévoyait un relèvement de 0,2 point de cette évaluation. La progression plus forte qu’estimé des exportations a compensé un ralentissement du mouvement de restockage des entreprises.

L’indicateur du climat général des affaires en France s’est stabilisé en août à 87 points, ses composantes sectorielles gagnant un point dans l’industrie manufacturière et le bâtiment, deux points dans le commerce de détail mais reculant de deux points dans les services, a annoncé l’Insee dans son enquête mensuelle de conjoncture. L’indicateur synthétique du climat des affaires dans l’industrie manufacturière a progressé d’un point à 90.

Les dirigeants grecs se sont mis d’accord sur les grandes lignes du plan d’austérité exigé par les créanciers internationaux, mais poursuivent leurs discussions sur sa mise en œuvre afin d’atténuer l’impact de ces mesures sur les plus modestes et les retraités, ont indiqué des responsables du gouvernement et des partis de la coalition au pouvoir. La Grèce doit réduire ses dépenses d’environ 12 milliards d’euros sur les deux prochaines années afin de satisfaire aux conditions de ses bailleurs de fonds.

Il réitère sa conviction que la BCE doit prendre des «mesures exceptionnelles», voire «aller au-delà des solutions monétaires habituelles».

Le gouvernement espagnol et l’Union européenne sont d’accord sur les conditions générales de création d’une structure de défaisance («bad bank») pour regrouper les actifs immobiliers douteux du secteur financier espagnol, a déclaré le ministre de l’Economie, Luis de Guindos. Le texte définissant le cadre général de cette structure sera approuvé vendredi en conseil des ministres.

Le président du Conseil italien Mario Monti, qui doit rencontrer cet après-midi la chancelière allemande Angela Merkel, estime que l’Allemagne s’expose à un risque d’inflation du fait des écarts de rendement importants entre obligations italiennes et allemandes. «Il serait certainement juste de signaler que si le déséquilibre (des spreads) est un sérieux problème pour nous (...) il représente également un risque pour les pays qui semblent en tirer parti», dit-il dans un entretien à Il Sole 24 Ore. Selon lui, la configuration actuelle des spreads a créé une croissance de la masse monétaire allemande M3, débouchant sur des taux d’intérêt artificiellement bas, sur une hausse des cours obligataires et sur une pression haussière sur les prix de l’immobilier.

L’Italie a adjugé 9 milliards d’euros de bons à six mois à un taux de rendement de 1,585%, au plus bas depuis mars, attestant de l’intérêt des investisseurs pour le papier court et de leurs attentes vis-à-vis de la Banque centrale européenne, dont ils espèrent qu’elle reprendra ses achats d’obligations. Le Trésor passera un test demain, plus délicat, lorsqu’il adjugera pour 6,5 milliards d’euros d’obligations à cinq et 10 ans.

Selon Bloomberg, la BCE milite auprès du régulateur afin d'élargir la liste des actifs pris en compte dans la définition du ratio LCR

Le plan de soutien du crédit aux entreprises pourrait nuire aux émissions d'obligations adossées à des prêts immobiliers résidentiels