Le rythme d’assouplissement monétaire au Brésil inquiète les marchés
Les minutes de la banque centrale indiquent que les taux directeurs passeront sous les 10%, relançant les craintes d'une résurgence de l'inflation
La Fed abaisse le seuil de déclenchement d'un nouvel assouplissement quantitatif
Une croissance inférieure au potentiel suffirait pour que la Fed se lance dans de nouveaux rachats de titres adossés à des prêts hypothécaires
L’AMF craint les effets d'une taxe «Tobin» limitée à la France
Jean-Pierre Jouyet juge une taxe sur les transactions financières bonne dans son principe si elle est mise en place au niveau de la zone euro
Les fonds monétaires américains restent réticents vis-à-vis des banques de la zone euro
Selon une étude de Fitch, ils ont réduit leur exposition de 72% aux établissements de la zone entre mai et décembre 2011
Les Européens engrangent deux traités sans avoir résolu le cas grec
Les chefs d’Etat se réunissent lundi pour un sommet de transition consacré aux deux textes négociés ces dernières semaines et à la croissance
L'AMF craint une taxe «Tobin» française
Jean-Pierre Jouyet, le président de l’Autorité, juge qu’une taxe sur les transactions financières est bonne dans son principe si elle est mise en place au niveau de la zone euro. A la seule échelle de la France, elle affaiblirait en revanche toutes les composantes de la Place de Paris.
Le Japon en quête de recettes fiscales
C’est un manque de quelque 45.400 milliards de yens auquel le gouvernement japonais devrait faire face dans le budget 2015/2016, même si la TVA est augmentée de 5 à 8% en avril 2014 et à 10% en octobre 2015, selon des sources Reuters. Or, cette mesure est toujours rejetée par l’opposition. Un échec pourrait faire exploser les besoins de financement que le gouvernement souhaite pourtant limiter à 44.000 milliards de yens d’ici 2014.
Socram Banque s’invite sur le marché de la titrisation
La filiale de neuf mutuelles d’assurance prévoit d’émettre 407 millions d’euros d’obligations adossées à des prêts automobiles à l’issue d’une tournée de présentation devant débuter le 1er février, selon des sources proches du dossier citées par Bloomberg. BNP Paribas et Natixis dirigeront l’opération via le compartiment TitriSocram 2012-1 de son fonds commun de titrisation.
Nexity et La Française AM finalisent leur rapprochement
Les deux sociétés viennent de procéder au rapprochement de leurs activités de gestion, de property management et de transactions immobilières au sein d’une nouvelle structure commune (LFP Nexity Services Immobiliers). L’actionnariat de ce nouvel ensemble est réparti entre Nexity, 75%, et La Française REM, 25%.
LCH.Clearnet abaisse les appels de marge pour la dette irlandaise
La chambre de compensation européenne a ramené de 55 à 45% les appels de marge sur les obligations gouvernementales irlandaises en réponse au différentiel de rendement entre la dette à 10 ans et un benchmark AAA. Cet abaissement s’applique aux positions longues sur la dette souveraine irlandaise.
Les fonds monétaires américains replient encore la voilure
Selon le dernier pointage de Fitch mené auprès des 10 principaux fonds monétaires américains, ceux-ci ont ramené à 10% de leurs avoirs leur exposition aux titres des banques européennes. Soit une diminution de 16% par rapport à fin novembre. L’exposition aux banques canadiennes, japonaises et australiennes est en revanche en hausse, passant de 20% à plus de 30% depuis fin mai 2011.
Le rendement du 2 ans italien au plus bas depuis août 2011
L’Italie a adjugé jeudi 5 milliards d’euros d’obligations à deux ans, dans le haut de sa fourchette d’objectif, avec un rendement au plus bas depuis août dernier. Le pays espérait initialement lever de 3,75 à 5 milliards d’euros. Le Trésor italien a émis 4,5 milliards d’euros de titres à coupon zéro à échéance janvier 2014. Le rendement moyen a reculé à 3,763% contre 4,853% lors de la précédente adjudication de ce type fin décembre.
Banco Sabadell publie un bénéfice en baisse de 39% en 2011
La banque espagnole Sabadell a publié un bénéfice net annuel en baisse de 39% à 232 millions d’euros, conséquence d’une provision de dépréciation d’actifs immobiliers d’un milliard d’euros. Les analystes attendaient un bénéfice net de 248 millions d’euros. Les créances douteuses et irrécouvrables ont représenté 5,95% du total des prêts fin décembre contre 5,72% fin septembre.
L'Institut Pasteur s'est renforcé en 2011 sur les actions ISR de la zone euro
L’Institut Pasteur puise l’essentiel de ses 250 millions d’euros de budget des revenus des activités propres (redevances industrielles, ventes et prestations, contrats de recherche), mais aussi du mécénat (27,3%) et produit du patrimoine et des apports de l’Etat (27,6 %). Les fonds patrimoniaux de l’Institut Pasteur sont gérés par plusieurs établissements financiers spécialisés, dans le cadre de conventions de gestion avec l’assistance d’un consultant, Amadeis. L’allocation d’actifs retenue, dans une perspective à long terme, correspond à un équilibre entre les actions et les obligations. En 2011, il a été décidé d’investir 23 millions d’euros au travers d’un FCP dédié sur des actions de la zone euro ISR.
L'Agirc Arrco va mettre à jour son règlement financier lors de sa commission de fin février
La dégradation des notes implique un changement d'étalon constaté à la fois sur la dette souveraine et corporate. L'échelle de notation est tirée vers le bas. Et en-dessous d’une certaine notation, la vente est automatique. Tout est dans l’interprétation de cette limite. Ainsi, au GIE Agirc-Arrco, « nous ne pouvons être exposés pour plus de 5 % sur du « BBB », que ce soit du souverain ou du corporate », explique Philippe Goubeault, son directeur financier. Or, elle en détient 7 % à la suite de la dégradation de l’Italie. L’institution mettra à jour son règlement lors de sa commission de fin février. Source: La Tribune
26/01/2012
Universal recruits for management at Luxembourg affiliate
The German fund administrator and manager Universal Investment (EUR130bn in assets under management) has appointed Johannes Höring as a member of the managing board at its Luxembourg affiliate, alongside Alain Nati and Stefan Rockel. He will be particularly responsible for taxation issues, legal affairs and risk management. He will also advise institutional clients on the conception and launch of investment solutions.Höring, a taxation specialist, had previously been executive director at JP Morgan Bank in Luxembourg, as head of legal affairs and regulation.
26/01/2012
Vigeo to rate large listed businesses in Morocco
Vigeo has announced that for the first time it is issuing ratings of the 40 largest businesses listed on the Casablanca stock exchange for social responsibility risks. The ratings will be distributed to over 100 investors and international asset manager clients of Vigeo. The businesses have been rated according to the Vigeo methodology on 38 criteria and more than 250 indicators, on the basis of their public information and statements provided in response to questions from the agency; this information is then cross-checked with information received from participants (unions, NGOs, press, etc.).
26/01/2012
db x-trackers offers two new ETF funds
From 25 January, the XTF segment of the Xetra platform (Deutsche Börse) lists two new ETF funds from db x-trackers (Deutsche Bank). One of these replicates the equal-weighted version of the S&P 500 index, while the other tracks the Austrian index of reference ATX. Frankfurt now lists 920 ETF products. db X-trackers S&P Equal Weight ETFISIN: LU0659579493TER: 0.30%Benchmark: S&P 500 Equal Weight Indexdb X-trackers ATX ETFISIN: LU0659579063TER: 0.25%Benchmark: ATX index
26/01/2012
SEB AM extends its range of institutional RE funds
With the SEB Asian Property II and SEB Asia REI funds, the German firm SEB Asset Management has launched two Asian real estate funds aimed at institutional and high net worth retail investors. The funds will invest in pan-Asian real estate portfolios, relying on the expertise of a team of eight people based in Singapore.The Frankfurt-based asset management firm, which already had a Luxembourg-registered institutional fund in its range, the SEB Asian Property Fund, has already received investment commitments of EUR100m for the two new products.The SEB Asia REI fund targets a core/core plus universe, and aims for average returns of 8% per year, and an annual distribution of 5%. It is aimed in particular at investors who are subject to insurance supervision. SEB has set the minimal initial subscription at EUR20m.The SEB Asian Property II fund, for its part, will apply a core-plus/value add strategy. It will aim for an internal rate of return over eight years of 12% per year, and will be aimed at private banks, wealth managers, family offices, and foundations. Minimal initial subscription is set at EUR15m.
26/01/2012
Valuation specialists found an association
As a result of the financial crisis and general scepticism in relation to financial products, and as a part of ongoing reflection in the Finance Innovation competitiveness unit about derivative products, French valuation professionals have founded the Professional Association of Financial Instrument Valuators (APVIF). The APVIF will aim to bring together representative processionals to define and distribute standards and best practices in financial valuation processions and methods, to issue communications about and promote these professions, and to participate in various working groups with the regulator, and to provide representation for financial instrument valuation professionals to the French Federation of Evaluation Experts (FFEE). The founding members of APVIF are DeriveXperts, Finance Innovation, Lexifi, Momentum Consulting, Pilcer & Associés, Pricing Partners, Société Générale Securities Services (SGSS) and Zéliade Systems. The President elected at the first general meeting of the association is Francis Cornut, Chairman of DeriveXperts. The office is composed of Jacques-Patrick Pilcer (Pilcer & Associés), vice-president, Laurent Thuillier (SGSS), vice-president, Jean-Marc Eber, treasurer (Lexifi) and Edouard-François de Lencquesaing (Finance Innovation).
26/01/2012
Swiss stock exchange fines Altin SA
The Sanction Commission of SIX Swiss Exchange has announced a fine for Altin Ltd of CHF 100,000 as a result of breaches of the rules on ad hoc publicity and the disclosure obligations of the directive on Corporate Governance. All breaches relate to the company’s 2009 annual report. Altin Ltd did not disclose its 2009 annual report – which included potentially price relevant information – as required by the rules on ad hoc publicity. The Sanction Commission has determined that certain financial figures, such as the annual and interim financial statements, are to be fundamentally classified as potentially price-relevant information and must therefore be disclosed in accordance with the rules on ad hoc publicity.
26/01/2012
Stanford accused of manipulating figures
Allen Stanford, the Texan banker accused of operating a USD7bn Ponzi scheme, modified the figures in the 1998 annual report, because they didn’t add up, according to the testimony of Leonel Mejia, chairman of a PR firm owned by Stanford, the Financial Times reports. Stanford’s trial began on Tuesday.
26/01/2012
LGT teams up with Brokernet for Eastern Europe
The Hungarian firm Brokernet Investment Holding Zrt has sold a 30% stake in Quantis Investment Management Zrt to LGT Group (CHF88.1bn in assets as of 30 June 2011) for an undisclosed amount, as part of a strategic partnership on eastern European markets.Quantis (USD480m in 10 funds and 21 mandates) will handle distribution of funds from LGT Capital Management. The cooperation will allow Quantis to extend its range, while LGT Capital Management will open to new markets, as its products had not previously been available in Hungary. Quantis already has affiliates in Slovakia and Romania, and would like to enter other neighbouring markets. The two partners are also planning to jointly develop products.
26/01/2012
Pioneer France satisfied with 2011 results
The French affiliate of Pioneer Investments (12 people) has finished the year in 2011 with assets of about EUR1.5bn, and net subscriptions of about EUR100m, despite relatively heavy outflows in August and September, largely due to reorientations of asset allocations by some clients.Fabien Madar, CEO for France, says this overall evolution is highly satisfactory, and is largely due to European equity products, US equity funds (Pioneer concentrates on the best of these), and in bonds, to aggregate euro (government and corporate bonds), available in versions with or without sensitivity. The manager also underlines that Pioneer does not offer money market funds in France.
26/01/2012
BNP Paribas SS extends hedge fund services
BNP Paribas Securities Services (BNP Paribas) has announced the roll-out of a major investment programme to expand its hedge fund and fund of hedge fund servicing capabilities for both UCITs and offshore funds. Placing transparency, market exposure, liquidity and control at the heart of its hedge fund servicing platform, the custodian bank’s programme tailors its service to more closely match the key requirements of both start-up and established funds.
26/01/2012
Axa Real Estate appoints a head of business development
Axa Real Estate Investment Managers, with over EUR40 billion of assets under management as at September 2011, has appointed Deborah Shire as global head of business development, a new position which carries overall responsibility for corporate finance, investor relations, marketing & communication and business development. She will report directly to CEO, Pierre Vaquier.Deborah Shire joins Axa Real Estate from her position as deputy head of structured finance at Axa Investment Managers, where she was in charge of strategy, finance, marketing, operations and product development.
26/01/2012
Russell recruits in Paris
Following the recruitment of Alain Zeitouni (ex Barclays Wealth) as director of multi-strategy investment (see Newsmanagers of 20 October), Russell Investments Paris has announced it has hired Cédric Denais as manager of client services. He will be in charge of overseeing relationships with Russell Clients and the analysis of their investments.Denais had previously spent six years in the reporting and performance measurement team at Edmond de Rothschild Asset Management (Edram), where he had been in charge of international development, and established the GIPS standard at the structure.
26/01/2012
Morgan Stanley PE teams up with former Pemex CEO
Morgan Stanley Private Equity has formed a strategic partnership with Jesús Reyes-Heroles, the former director general of Petróleos Mexicanos (Pemex), to pursue energy investments in Mexico and across Latin America. The goal of the partnership is to build a leading regional energy company involved in a broad base of investments and related activities across the energy sector. The partnership will focus on investments in energy companies to help enhance business growth, improve profitability and provide valuable strategic and financial guidance.
26/01/2012
Orelis goes into 2012 on the offensive
France’s Orelis group, which calls itself a wholesaler aimed at independent financial advisers, and more recently, life insurance brokers, is hitting the ground running in 2012. This follows a year in 2011 in which the firm exceeded its objectives, with a total of EUR118m in newly-insured capital, of which 80% are unit-linked savings, in contrast with the market, which took on 85% euro contracts, and 15% unit-linked. In order to meet demand from partners and also, potentially, to compete with rivals, the group is offering a range of secure solutions in 2012 for life insurance and retirement planning product ranges, and is launching a range of funds in euros and a real estate platform to provide access to a wide range of programmes, promoters and tax incentives.
26/01/2012
Two promotions at Russell EMEA
Following the departure of Frédéric Jolly, who resigned last July to found his own business, Johan Cras has been appointed as CEO of Russell Investments for the Europe, Middle East and Africa (EMEA) region. Cras joined Russell in 1996 to found the Amsterdam office, and since 2007 has been head of institutional EMEA activities at the US asset management firm.Pascal Duval, who has been at Russell for 14 years, has been appointed as executive managing director EMEA, a position in which he will report to Cras.Cras will be replaced for the interim as head institutional services EMEA by John Stannard, currently managing director, institutional investment services.